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India Trade Deficit Grows after Gold Imports Increase

India’s April trade deficit leapt to $17.8 billion, a trade ministry official said, on a massive surge in imports of cheaper gold that will increase concerns about the current account deficit in Asia’s third largest economy.

Gold and silver imports were up by 138 percent to $7.5 billion last month compared to a year earlier, as retail consumers in the world’s biggest gold importer went on a buying spree after global prices fell.

Overall, merchandise imports rose 10.9 percent to $41.95 billion, trade ministry officials said on Monday, driving the trade deficit up by more than 72 percent from March.

Exports rose 1.6 percent from a year earlier to $24.16 billion, up for the fourth straight month.

via CNBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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