India's Gold Imports Surge in April Amid New Import Duties

Significant Rise in Gold Imports

In April, India's gold imports soared by 81.6% to reach USD 5.63 billion, according to the latest figures from the Ministry of Commerce and Industry. The total merchandise imports for the same month in 2026 amounted to USD 71.94 billion, a rise from USD 65.38 billion in April 2025.

To alleviate the strain on the nation's foreign exchange reserves, the central government has increased the import duty on gold and silver from 6% to 15%. This decision, announced on Wednesday, aims to limit the import of precious metals, reduce the trade deficit, and bolster the rupee amidst escalating economic challenges influenced by global events. The new import duty will take effect from May 13.

Additionally, non-petroleum and non-gems & jewellery imports in April 2026 totaled USD 45.87 billion, compared to USD 39.75 billion in the previous year. Exports during the same period were valued at USD 31.64 billion, up from USD 28.66 billion in April 2025.

For the services sector, the estimated value of service exports for April stands at USD 37.24 billion, while imports are recorded at USD 16.66 billion. Major export destinations included Singapore, Tanzania, Sri Lanka, Bangladesh, and Hong Kong, while imports from China, Russia, Oman, Peru, and Saudi Arabia saw notable increases.