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A 75 per cent dip in gold imports in December, triggered by government’s efforts to curb non-essential imports, led to contraction in India’s overall imports for the first time in 25 months, while a resultant supply constraint of gold contributed to a 15 per cent decline in gems and jewellery exports.
Gold imports dropped to $1.2 billion in December while gems and jewellery exports stood at $2.5 billion.
India’s merchandise imports in December contracted 3.5 per cent to $58.24 billion while merchandise exports slid 12 per cent to $34.48 billion, leading to a marginal sequential widening of the trade deficit to $23.8
