Gold Imports by India Surging 65% in June Widens Trade Deficit

Gold imports by India, the world’s second-largest user, jumped 65 percent in June after the central bank allowed more banks and traders to buy bullion overseas, widening the nation’s trade deficit to an 11-month high.

Shipments surged to $3.12 billion last month from $1.89 billion a year earlier, while silver imports dropped 53 percent to $212.8 million, the Commerce Ministry said in an e-mailed statement today. The trade deficit widened to $11.8 billion, the highest since July last year, it said.