Gold imports had amounted to $11.26 billion in the corresponding quarter of last financial year.
NEW DELHI: Gold imports fell by 25 per cent to $8.43 billion in the first quarter of the current fiscal due to sliding prices of the metal in both global and domestic markets.
According to the commerce ministry data, gold imports had amounted to $11.26 billion in the corresponding quarter of last financial year, 2017-18.
The imports of the metal have been declining since January this year. Contraction in gold imports help contain the current account deficit (CAD).
CAD, which is the difference between the inflow and outflow of foreign exchange, jumped to $48.7 billion, or 1.9 per cent of GDP, in 2017-18 fiscal.
This was higher than $14.4 billion, or 0.6 per cent, CAD in 2016-17 fiscal.
Rise in crude oil prices and imports too have impacted the trade deficit, which widened to $44.94 billion during April-June this fiscal as against $40 billion in the same period of 2017-18.
The gems and jewelery exports in June grew by about 3 per cent to $3.5 billion.
As per the data, silver imports grew by 104.5 per cent to $364.24 million in June.
The country imports 700-800 tonnes of gold annually.