Gold import restrictions have slightly affected India-SA trade

KOLKATA: Expressing the hope that bilateral trade between India and South African would increase in the coming days, South Africa's High commissioner to India France K Morule today said restriction on gold imports by India has slightly affected the trade volume.

"The trade has been affected slightly, but it will improve," Morule said when asked whether trade between India and South Africa had been affected in view of India's restriction on gold imports.

"Gold has its own economics, its own complexities. There are periods when gold gets into high demand and there are periods when gold is in low demand," he said.

"It is a global phenomenon, whenever the dollar strengthens the demand for gold becomes less, whenever the dollar weakens the demand for gold increases," said Morule.

Morule said that trade with India was not in negative direction but increasing.

"Trade with India is not in a negative direction but is increasing, it is upswing. We hope that in the next year both the volume and amount of bilateral trade will increase," Morule said.

A business delegation would be visiting India, including West Bengal very soon, he said.