Gold And Oil Drive India’s Import Bill In June Amid Festive Demand And Energy Needs

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India’s import landscape in June 2025 was shaped by strong inflows of gold and petroleum, with the Trade Ministry reporting a combined bill of USD 15.5 billion. The figures reflect seasonal buying patterns and strategic energy sourcing amid global price fluctuations.

Key Highlights From June Import Data

- Gold imports totaled USD 1.8 billion, driven by pre-festive restocking and stable international prices
- The surge aligns with historical trends, as India remains the world’s second-largest gold consumer
- Imports were primarily sourced from UAE, Switzerland, and South Africa, with doré bars gaining traction due to lower duties
- Gold demand was also supported by central bank purchases and increased retail interest in lab-grown jewellery

Petroleum Import Trends

- Petroleum imports reached USD 13.7 billion, accounting for nearly 25 percent of India’s total merchandise imports
- Crude oil volumes rose marginally, with increased shipments from Russia, Iraq, and the US
- The rise was attributed to higher refining activity and seasonal fuel demand, especially diesel and aviation turbine fuel
- Domestic production remained subdued, reinforcing reliance on foreign energy sources

Strategic Context

The import surge underscores India’s dual dependency on energy and bullion, both of which impact the trade deficit and currency stability. Policymakers are expected to monitor these trends closely ahead of the next monetary policy review.

Sources: Trade Ministry, Economic Times, Financial Express, Reuters, World Gold Council, PPAC India.