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Silver Imports Soar 129%, Gold Value Rises as Volumes Fall: Govt Data

India's silver imports surged dramatically in value by nearly 129% during April-December 2025, driven by both higher volumes and prices. In contrast, gold imports saw a marginal 1.83% value increase, which occurred despite an 18.29% decline in import quantity due to significantly higher prices. The data reveals a longer-term structural shift where gold import value has risen sharply over six years while volumes have fallen. Meanwhile, India's overall trade deficit widened significantly in January 2026, nearly doubling from the previous year.

Key Points: India's Silver Imports Surge 129%, Gold Value Up 1.83%

  • Silver import value up 128.95%
  • Gold import value up 1.83% despite volume drop
  • Gold prices rose 24.62%, silver up 46.69%
  • Overall trade deficit widened to $10.38B in Jan 2026
2 min read

Silver import surges 128.95% in terms of value during Apr-Dec, gold by 1.83%: Govt Data

India's silver import value jumps 128.95% in Apr-Dec 2025, while gold imports see modest value growth despite an 18% drop in quantity.

"Silver import value surged 128.95 per cent... while gold imports recorded modest value growth even as quantities declined - Commerce Ministry Data"

New Delhi, February 16

India's silver import value surged 128.95 per cent during April-December 2025, driven by a sharp rise in both prices and volumes, while gold imports recorded modest value growth even as quantities declined, according to data released by the Commerce Ministry on Monday.

Silver imports climbed to USD 7.77 billion in Apr-Dec 2025 from USD 3.39 billion in the corresponding period a year earlier. The increase was supported by a 56.07 per cent increase in the quantity imported and a 46.69 per cent increase in unit prices.

Import volumes rose to 5,727.07 thousand kilograms from 369.48 thousand kilograms, while the average unit price increased to USD 1,356.98 per kg from USD 925.06 per kg.

In contrast, gold imports grew 1.83 per cent in value terms to USD 49.39 billion during Apr-Dec 2025, compared with USD 48.51 billion in Apr-Dec 2024.

The marginal increase came despite an 18.29 per cent decline in import quantity, reflecting the impact of higher prices. Gold import volumes fell to 522.38 thousand kilograms from 639.30 thousand kilograms, even as the unit price rose 24.62 per cent to USD 94,554.33 per kg from USD 75,873.08 per kg.

Longer-term trends indicate a structural shift in India's gold imports, with value rising sharply over time while volumes have stagnated or declined. Gold import value increased from USD 32.91 billion in FY19 to USD 58.01 billion in FY25, a 76 per cent rise over six years.

However, import quantity declined from 982.72 tonnes in FY19 to 757.10 tonnes in FY25, marking a 23 per cent reduction.

For FY26 (April-December), gold imports totalled USD 49.39 billion in value and 474.99 tonnes in quantity, indicating continued price-led dynamics in the precious metals trade.

The Commerce Ministry data further said India's overall exports, merchandise and services combined, increased by 13.16 per cent year-on-year to USD 80.45 billion in January 2026, compared with USD 71.09 billion in January 2025.

Overall imports during the month increased by 18.77 per cent, rising to USD 90.83 billion from USD 76.48 billion in January 2025.

India's overall trade deficit, combined for merchandise and services, widened significantly to USD 10.38 billion in January 2026, nearly doubling from USD 5.39 billion in the corresponding month last year.

- ANI

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Reader Comments

R
Rohit P
Gold quantity down but value up... classic case of demand being price inelastic. No matter how high it goes, people will buy for marriages. But at nearly $95,000 per kg, it's becoming a luxury for the very rich only. The common man is being priced out.
A
Aman W
Silver imports up by 128%! This isn't just jewellery demand. There's massive industrial use in solar panels and electronics now. Make in India and green energy push might be driving this. Good to see diversification beyond just gold.
S
Sarah B
While the precious metals data is fascinating, the widening trade deficit to over $10 billion is the real story here. Imports growing faster than exports is not sustainable. Need to boost manufacturing exports beyond just services.
V
Vikram M
Respectfully, the government should look at why gold imports are still so high in value despite lower quantity. This is a huge outflow of forex. Promoting gold bonds and monetization schemes more aggressively could help. The cultural attachment is strong, but we must be pragmatic.
K
Kavya N
My sister's wedding is next month. We had to adjust the budget completely because of gold prices. Ended up getting more silver items and lighter gold jewellery. This data reflects the reality in so many Indian households right now. 💍

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