India has seen a significant decline in gold imports during the month of September to $4.39 billion from its record high of $10.06 billion during the month of August. 

This drop in gold imports has played a crucial role in narrowing the country’s trade deficit, which stood at $20.78 billion, which is lower than the estimated $24.63 billion.  

The reduction in gold imports reflects a wider trend in India’s trade dynamics. 

However, the overall imports grew by 1.6% year-on-year (YoY) to $55.36 billion during September, while exports during the same month grew marginally by 0.5% to $34.58 billion. 

It is important to note that the intensifying conflict in the Middle East presents a major risk to global trade, with the potential to disrupt supply chains and raise freight costs.

Recently, the World Trade Organization lowered its 2025 merchandise trade growth forecast to 3%, down from the previous estimate of 3.3%.

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