Page 2 - Silver Imports

India's February silver imports hit record, set to rise by 66% this year

India's imports could rise to 6,000 tons in 2024, from last year's 3,625 tons, driven by robust demand from the fabrication and solar industries

Silver imports likely to pick up pace after falling over 63% in 2023

High prices and previous year's base weighed on the precious metal

Gold imports decline 30% to $31.8 billion in April-February 2023

India's gold imports, which have a bearing on the current account deficit, fell about 30 per cent to USD 31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry. Imports of the yellow metal stood at USD 45.2 billion in the corresponding period of 2021-22. The imports are in the negative zone since August 2022. Silver imports, however, rose by 66 per cent to USD 5.3 billion during April-February 2023. The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at USD 247.52 billion against USD 172.53 Billion in the year-ago period. According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal. "India imported about 600 tonnes of gold during ...

Covid-19 impact: Gold imports down 57% to $6.8 bn in first half of FY21

Silver imports during April-September 2020 too dipped 63.4 per cent to USD 733.57 million (about Rs 5,543 crore), the data showed

Gold imports dip 81% in April-July to $2.47 bn, silver imports down 56.5%

Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20

Silver rebounds in spot market, quote at 3-4% premium on scarcity

Even silver micro futures with a lot size of 1 kg on the MCX, is quoting at a premium, indicating that market doesn't have enough floating stock of the white metal

Silver demand and import in India decline, but price outlook bullish

India's demand has been muted especially since import duty was raised to 12.5 per cent last July

Sharp increase of 30-35% in silver import as demand show vibrancy

Even import bill for silver has jumped almost 30 per cent to $3.934 billion

Silver import up 60%, to cross 5,000 tonnes

Import of silver has risen this year. Thomson Reuters GFMS says this had reached 4,200 tonnes till October, 60 per cent higher compared to the same period in 2016, and likely to end the year with 5,000 tonnes.Restocking after last year's fall and demand from industry led to the rise and "with overall improved consumption sentiment and improving rural India, we expect import demand next year to rise further by approximately 10 per cent", said Sudheesh Nambiath, regional lead analyst for GFMS.Import fell significantly in 2016 to 2,794 tonnes, from an all-time high of 7,955 tonnes in 2015. Says Viraj Didwani, Director at Foresight Bullion India, one of the large silver importers and wholesalers: "After demonetisation, dealing with cheques is catching up; we see dealers/jewellers in even smaller towns have also shifted to banking chennels for silver buying."As a result, unaccounted silver flows are largely from customers who sell silver jewellery or bars back to jewellers and insist on ...

Silver import could fall to 5-year low as note ban hits demand

Purchases from overseas plunged 60% to about 3,000 tonnes last year & would contract further in 2017

Silver imports fell by half in 2016 as traders offloaded old stock

Silver has been a high beta commodity with prices rising and falling fast compared to gold