look news india
Mumbai: India's silver import has increased by 260 percent to a record 2295 tonnes in February of the current year. Government sources said that the import figure in January was 637 tonnes.
Due to lower import duty, 939 tonnes of silver was imported from the United Arab Emirates (UAE), while silver exports have increased to 2932 tonnes in the first two months of the current year, compared to 3625 tonnes in the full year of 2023. Figures.
Sources further said that silver export is expected to increase by 65 percent in the current year.
Since India is a major consumer of silver, any increase in demand from here provides support to global silver prices.
In the first two months of 2024, silver imports have been in excess of requirements, while domestic prices have now reached record highs as a result of rising global prices. Sources also said there was a significant decline in March as imports were higher in the first two months.
After higher imports in 2022, silver imports are expected to decline in 2023, while imports are likely to increase in the current year.