NEW DELHI: Gold and silver imports declined 71.4 per cent to $1.63 billion in February mainly due to restrictions imposed by the government on inbound shipments of the yellow metal to narrow the current account deficit.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion. Imports of the precious metals during April-February declined 41.47 per cent to $30.7 billion from $52.4 billion a year earlier.
Lower imports helped to narrow the trade deficit to $8.13 billion in February from $14.1 billion. India’s current account deficit (CAD) touched a historic high of 4.8 percent. —PTI