Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about $24 billion during April-October due to fall in demand, according to the data of the commerce ministry.
Imports of the yellow metal stood at $29 billion in the corresponding period of 2021-22.
The imports during October this year also contracted by 27.47 per cent to $3.7 billion, the data showed.
Silver imports during the month too dipped 34.80 per cent to $585 million. Cumulatively, the imports, however, jumped to $4.8 billion as against USD 1.52 billion during April-October 2021-22.
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The merchandise trade deficit for April-October 2022 was estimated at $173.46 billion as against $94.16 billion in the year-ago period.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Gems and jewellery exports rose marginally by 1.81 per cent to $24 billion in April-October 2022.
According to industry experts, demand will start picking up from January.