- By Aditya Pratap Singh
- Fri, 17 Apr 2026 05:43 PM (IST)
- Source:JND
Gold Import In FY25-26: The country's gold imports rose 24 per cent on a year-on-year (YoY) basis in value terms to hit an all-time high of $71.98 billion in the financial year 2025-26 due to a massive spike in yellow metal prices during the period, according to data released by the Ministry of Commerce. Similarly, silver saw a sharp uptick in imports in both value and volume terms.
These high-value imports led to a sharp rise in the nation's trade deficit.
Gold imports stood at $58 billion in 2024-25, while the import values in 2023-24 and 2022-23 were at $45.54 $35 billion, respectively. The rise in export values was primarily due to a massive uptick in gold prices during the year, as imports dipped 4.76 per cent to 721.03 tonnes in volume terms from 757.09 tonnes in 2024-25.
The spike in gold prices was driven by unfavourable geopolitical conditions, including concerns around US tariffs and wars in different parts of the world.
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Silver imports increased by approximately 150 per cent to reach $12 billion in the last fiscal year, due to rising prices. In volume terms, they increased by 42 per cent to reach 7,334.96 tonnes in 2025-2026.
Import Hits Trade Deficit
The increase in imports of these precious metals has led to a widening of the country's trade deficit to $333.2 billion in 2025-26, as per the data.
The nation's current account deficit (CAD) widened to $13.2 billion in the December quarter, from $11.3 billion in the same period last year. According to RBI data released on March 2, the increase was mainly due to the higher trade deficit caused by a decline in exports to the US.
However, the current account deficit, which was $36.6 billion (1.3 per cent of GDP) in the same period last year, narrowed to $30.1 billion (1 per cent of GDP) in April-December 2025.
Switzerland Top Source
Switzerland is the world's leading importer of gold, accounting for approximately 40% of total imports. It is followed by the United Arab Emirates (over 16 per cent) and South Africa (around 10%).
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India is the second biggest consumer after China
India is the world's second-largest consumer of gold after China. The domestic imports are primarily driven by demand from the jewellery sector. These imports contribute to India's current account deficit.
(With inputs from agencies)