India's February Oil Imports Total $11.8 Billion, Gold Imports $2.3 Billion

India's oil imports in February totaled $11.8 billion, while gold imports totaled $2.3 billion, based on Trade Ministry data. The oil import total shows a modest decline in volume because there were fewer days in February, even as geopolitical tensions continued to impact global oil markets. Along with this, imports of gold remained at a 20-year low as record prices have cooled the demand. A decline in imports of gold could ease India's trade deficit as well as stem the rupee's fall. The nation keeps dealing with multifaceted international trade patterns while diversifying the sources of its energy and modulating precious metal imports.

 

Source: Trade Ministry of India, Reuters, Economic Times.