There has been a sharp decline in the import of gold in Pakistan. The fiscal year is far from over yet there has been a 41.26% decline in gold imports year on year.
Compared with 425 kg of gold imported during the previous financial year, this year only 248 kg was imported. The total value stood at $9.289 million for the current year and $15.813 million for the previous fiscal year.
According to data available from Pakistan Bureau of Statistics, in January 2017, gold imports fell by 26.53% compared with January 2016. Compared with December 2016 however gold imports witnessed a sharp decline of 33.48% for January 2017.
In terms of US Dollars, gold imports in January 2017 stood at $1.385 million compared with $1.885 million in January 2016.
In December 2016 gold imports were valued at $2.082 million.
The reasons for decreasing gold imports is due to the fact that international prices for the precious metal have gone down. The recession has been quite significant since the prices started falling in September 2016. The prices have fallen from $1,340 per ounce to $1,256 per ounce. This is the biggest loss since June 2016.
Local Prices on The Rise
Despite falling international prices, the local price of gold has crossed Rs. 50,000 per tola. Chairman of All Pakistan Gem Merchants and Jewelery Association, Habib-ur-Rehman said that instead of decreasing, the prices have gone up by Rs. 1000 – 1200 from November 2016 to December 2016.
Read More: Gold Crosses Rs. 50,000 per Tola in Pakistan
Gold is being imported from Dubai to Pakistan which is part of the reason why prices have been on the rise recently.