New Delhi: India’s gold imports declined by 40 per cent to nearly $12.3 billion during the April-November period as demand weakened amid the pandemic, as per Commerce Ministry’s data.

This decline in gold and silver imports has led to the narrowing of India’s trade deficit

During the same period of the last financial year, gold imports stood at nearly $20.6 billion.

However, imports of the yellow metal witnessed a 2.65 per cent growth last month, at over $3 billion, compared to $2.94 billion in November 2019.

Silver imports during April-November this fiscal plunged 65.68 per cent to $751.92 million, from nearly $2.2 billion during the year ago period.

In November 2020, silver worth only $9.30 million was imported, compared to $90.39 million in November 2019.

This decline in gold and silver imports has led to the narrowing of India’s trade deficit.