India's gold imports fall over 27% to $19.27bn H1 FY2027
Business
India's gold imports took a big hit in the first half of FY 2027, falling over 27% to $19.27 billion compared to last year.
This sharp drop comes after the government raised customs duties on gold and silver from 6% to 15% in May 2026, making it pricier for importers and helping to moderate precious metal imports amid pressure on the rupee and foreign exchange reserves.
India's trade deficit falls to $30.21bn
With fewer gold imports, India's merchandise trade deficit shrank to $30.21 billion as of September 2026.
At the same time, overall imports climbed to $74.61 billion and exports jumped by over 23%.
Experts like the World Gold Council had predicted this trend, saying higher taxes would cool down domestic demand for gold through 2026.