India's Silver Imports Surge 129% in FY25, Outpacing Gold

Data released by the Commerce Ministry on February 16, 2026, show a sharp rise in India’s silver imports during April‑December 2025, contrasting with a modest increase in gold import value, as per ANI report. 

Silver Import Growth Outpaces Gold in FY2025 

Silver import value jumped 128.95% to $7.77 billion, up from $3.39 billion a year earlier. The volume rose 56.07% to 5,727,070 kg, while the average price climbed 46.69% to $1,356.98 per kg. In comparison, gold import value rose only 1.83% to $49.39 billion, with volume falling 18.29% to 522,380 kg. 

Price and Volume Drivers for Silver 

The surge reflects both higher global silver prices and increased domestic demand. Unit price rose from $925.06 to $1,356.98 per kg, indicating a $431.92 increase. The volume increase from 369,480 kg to 5,727,070 kg shows a substantial expansion in procurement. 

Gold Import Trends 

Gold import value rose from $48.51 billion to $49.39 billion, despite a drop in quantity from 639,300 kg to 522,380 kg. The unit price rose 24.62% to $94,554.33 per kg, up from $75,873.08 per kg, highlighting price‑led growth. 

Overall Trade Impact 

Overall imports in January 2026 increased 18.77% to $90.83 billion, widening the trade deficit to $10.38 billion, nearly double the $5.39 billion recorded a year earlier. The rise in precious‑metal imports contributed to the higher import bill. 

Read More: SEBI Reviews ETF Pricing Rules Following Gold, Silver Swings! 

Conclusion 

India’s silver imports expanded dramatically in FY2025, outpacing gold both in volume and value growth. Gold imports showed modest value growth driven by higher prices, while overall trade figures reflected a broader increase in import activity. 

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