50% of India’s gold imports in 2020-21 came from Switzerland; Saudi Arabia slips in trading partner rank

At $16.3 billion, gold from Switzerland accounted for almost half of India’s imports of yellow metal in 2020-21. India’s overall imports of gold during the period stood at $34.6 billion markedly up from $28.2 billion imported the previous year despite the pandemic.

According to an Economic Times report, among all of India’s top 10 import partners, imports from Switzerland increased by 7.8% to $18.2 billion, majorly led by gold. Switzerland replaced Saudi Arabia as India’s fourth-largest partner as the latter sank by one notch. India continues to be the world’s largest consumer of gold after China.

Imports from China fell just 0.07% to $65.21 billion. The Asian nation, however, remained India’s top trading partner despite New Delhi taking measures to limit trade with the country in the aftermath of Galwan Valley. The United States and the United Arab Emirates (UAE) were the second and third-largest sources of shipments of India in the year. Germany replaced Indonesia to enter the top 10 list of countries for inbound goods and services into India during the fiscal. 

An official source quoted in the report said gold imports from Switzerland have been consistently on the rise as it is the largest gold refining centre and transit hub in the world. During 2020-21, India bought gold worth $4.19 billion from UAE and $2.5 billion from South Africa. Unwrought forms of gold including bars, gold plated platinum or semi-manufactured forms and powder were top on India’s shopping list last year. S-TimesNow

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