India's Top Import Destination: Switzerland in April | Gold Imports Surge

New Delhi, May 15 (PTI) Switzerland has emerged the top import destination for India in April on account of a jump in inbound shipments of gold from that country, according to the commerce ministry data.

Gold imports during the month have more than doubled to USD 3.11 billion.

Switzerland is followed by Russia, China, Iraq, and the UAE in April, the data showed.

India's gold imports, which have a bearing on the country's current account deficit (CAD), surged 30 per cent to USD 45.54 billion during 2023-24.

In March this year, however, the imports of the precious metal had contracted 53.56 per cent to USD 1.53 billion.

Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent), and South Africa (about 10 per cent).

The precious metal accounts for over 5 per cent of the country's total imports. At present, there is a 15 per cent import duty on gold.

India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.

The gems and jewellery exports in 2023-24 dipped about 14 per cent to USD 32.7 billion.

At the exports front, the US emerged as the top export destination for India in April. It was followed by the Netherlands, Singapore, the UAE, France , and the UK.