India Imported 713 MT Of Silver In April, 1921 MT YTD
By GCRU Gold News on Friday, July 18 2014, 00:42 - Permalink
In April 2014 India gross gold import was 43 metric tonnes, net import accounted for 35 tonnes, according to the DGCIS. Gross import was down 28 % m/m, 70 % y/y. Year to date gross import stands at 171 tonnes, down 60 % from last year. Note, these are official numbers, because of the high import duties there is a lot more gold being smuggled into India, unfortunately it is impossible to know how much.
In contrast to the distorted gold import figures, the numbers on silver are likely to be accurate. In April India gross silver import was a staggering 713 tonnes and only 2 tonnes were exported. M/m gross import is up 148 %, January to April gross import stands at 1921 tonnes, up 24 % y/y.