India’s Silver Imports 💸 💸💸
According to recent data, India’s silver imports have been on a steady rise. In the first three months of 2024, India imported 3,730 tonnes of silver, already surpassing the 2023 total of 3,475 tonnes.
UAE Route Dominance
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in 2022 has significantly boosted silver imports through the UAE route. In the first quarter of 2024, over 40% (1,542 tonnes) of India’s total silver imports came through this route.
Record February Imports
February 2024 saw a record high in silver imports, with 2,295 metric tons entering the country. This surge was attributed to lower duties encouraging large purchases from the UAE.
2024 Projections
Government officials and industry experts predict a 66% increase in India’s silver imports for 2024, driven by growing demand and favorable trade agreements.
Historical Context
India’s silver imports have been steadily increasing over the years. In 2022, the country imported 2,773 tonnes, up from 2,218 tonnes in 2020 and 5,969 tonnes in 2019. The recent fall in silver prices has led to increased accumulation of the metal, making it an attractive safe-haven asset.
Key Statistics
2023 silver bullion imports: over 303 million troy ounces (decreased by around 63% compared to 2022)
2024 (first seven months): 5,100 tonnes of silver imports into India (according to Ministry of Commerce and Industry data)
Overall, India’s silver imports are expected to continue growing, driven by increasing demand and favorable trade agreements.