Pakistan’s gold import declines 41.26%

Volume stood at 248kg during July-January period.

APP March 03, 2017
Volume stood at 248kg during July-January period. PHOTO: AFP

ISLAMABAD: The import of gold registered a year-on-year decline of 41.26% during the first seven months of the ongoing fiscal year, amounting to 248kg compared with the inflow of 425kg in the same period of the previous year.

In value terms, gold worth $9.289 million was imported during July-January 2016-17, against the import receipt of $15.813 million in the previous year.

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On a yearly and monthly basis, the import of the yellow metal in January 2017 also witnessed a decline of 26.53% and 33.48%, respectively, when compared with the import of January 2016 and December 2016, according to data of the Pakistan Bureau of Statistics.

Gold import decreased to $1.385 million in January 2017 from $1.885 million in January 2016 and $2.082 million in December 2016.

Falling gold import can be primarily explained as since the last week of September 2016, international gold prices have significantly receded. From over $1,340 per ounce, gold prices have come down to $1,256 - the biggest slump since June 2016.

Nevertheless, the overall metal group import increased by 4.25% in July-January (2016-17) to $2.356 billion from $2.26 billion in the same period of previous year.

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Iron and steel scrap import also witnessed a decreased of 7.47% to $553.169 million in the first seven months of the current fiscal year from $597.833 million in July-January (2015-16).

Published in The Express Tribune, March 3rd, 2017.

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