India’s gold appetite cools? Govt data shows imports plunge 57.7% as exports surge 26.12 %
India’s gold imports fell 57.7% year‑on‑year to $2.3 billion in August 2026, while merchandise exports rose 26.1% to $43.81 billion, narrowing the trade deficit. The data, released by the Ministry of Commerce and Industry, also showed overall imports up 14.1% and a smaller gap between imports and exports.
- ✓India’s gold imports fell 57.7% year‑on‑year to $2.3 billion in August 2026, while merchandise exports rose 26.1% to $43.81 billion, narrowing the trade deficit.
- ✓Analysts had projected a deficit of $32.15 billion, according to a Bloomberg median forecast.
- ✓Gold imports fell from $5.4 billion in August 2025 and $4.16 billion in July, underscoring the steep decline.
- ✓Between April and August, exports grew 17.85% to $215.91 billion, outpacing imports, which rose 18.21% to $363 billion.
The Ministry of Commerce and Industry announced on Tuesday that gold shipments into India dropped sharply in August 2026, falling 57.7% from a year earlier to $2.3 billion. Commerce Secretary Rajesh Agrawal highlighted the simultaneous surge in merchandise exports, which rose 26.1% to $43.81 billion, helping to compress the country’s trade deficit.
Overall import receipts for the month reached $70.67 billion, a 14.1% increase from the same period last year, while the trade deficit narrowed to $26.9 billion from $31.98 billion in July. Analysts had projected a deficit of $32.15 billion, according to a Bloomberg median forecast. Gold imports fell from $5.4 billion in August 2025 and $4.16 billion in July, underscoring the steep decline. Between April and August, exports grew 17.85% to $215.91 billion, outpacing imports, which rose 18.21% to $363 billion.
Gold constitutes a large share of India’s non‑essential imports, and the recent plunge follows Prime Minister Narendra Modi’s appeals for consumers to curb gold purchases to ease the import bill. The reduction in gold demand is expected to support the rupee, which has been under pressure relative to other Asian currencies. Export growth was broad‑based, driven by engineering goods, petroleum products, chemicals and textiles, reflecting strong overseas demand from the United States, the European Union, BRICS nations and other emerging markets.
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| Issuing Authority | Livemint Indian Economy & Policy |
|---|---|
| Topic Category | INDIA |
| Jurisdiction | All India / National |
| Publication Date | 15 September 2026 |