Impact of Corona crisis: Gold imports fall for the fifth consecutive month in April


Posted on 25th May 2020 01:45 pm by rohit kumar

New Delhi: The country's gold imports have fallen for the fifth consecutive month in April. Due to the global lockdown due to Covid-19 infection, it has fallen by 100 per cent to $ 28.3 lakh. It was $ 39.7 billion in April 2019 according to the Commerce Ministry data.

 

 

The fall in gold imports has helped in reducing the country's trade deficit. The country's trade deficit stood at $ 6.8 billion in April compared to $ 15.33 billion in April last year. The country's gold imports have continued to decline since December. India is the world's largest importer of gold. Every year around 800 to 900 tonnes of gold are imported into the country.

Did you know?Explore Trending and Topic pages for more stories like this.

 

 

Export of gems and jewelery dropped in April

Gems and jewelery exports from the country fell 98.74 per cent to $ 36 million in April. The country's gold imports fell 14.23 percent to $ 28.2 billion in FY 2019-20, from $ 32.91 billion in 2018-19.

 

 

Import of gold puts a big burden on the current account deficit of the country. Current account deficit means the difference between the arrival and departure of foreign capital in the country.

 

 

Lockdown 4.0 released, many industries still stalled

The impact of the Corona virus is so great that almost all the industrial activities of the country were stalled. However, in the lockdown 4.0 which started from May 18, the government has given permission to open many industries. Its huge impact has also been seen on the gold business. Where the spot trade of gold is closed and desolation is prevalent in the bullion market.

 

 

Jewelers may face problems

Due to the decrease in gold imports, the burden on the current account has reduced, but when the bullion markets open in the coming times, the jewelers may have to face the shortage of gold because India imports most of the gold it needs.

1 Like 0 Dislike
Previous news Next news
Other news

IRCTC: India and Nepal will be connected through train, Indian Railways will run a special tourism train from June 21

IRCTC will be the first agency in the country to connect two countries through tourism train unde

Jawan Netflix: Fans got a gift on Shahrukh Khan's birthday, Jawan was released on OTT

Jawan OTT Release On Shah Rukh Khan's Birthday: This year's best film 'Jawan' of Bollywood mega s

Earlier there was a 4G phone, now 5G has been brought... So read, will it have to be recharged separately?

5G In India: JIO and AIRTEL have started their 5G service in India. It has been started in many c

US Visa: President Joe Biden said – the wait time for Indians for US visas should be reduced

A commission from President Joe Biden has recommended that he consider issuing a memo to the Stat

New Guideline: 'Tobacco consumption means premature death' will now be written on the packet of cigarettes, the government has issued a new guideline

The Central Government has issued new instructions for the packaging of cigarettes and other toba

Earthquake Update Today: Earthquake tremors in 7 states of India including Delhi-UP, 6 killed in Nepal

Strong tremors of earthquake were felt in India, China, and Nepal late Tuesday at 1.57 pm. Their

PM Modi: PM Modi is on a three-day visit to Gujarat from today; will hold the NBWL meeting, and will also visit Vantara.

Prime Minister Narendra Modi will be on a three-day visit to Gujarat from Saturday. He will chair

Pakistan Floods: Floods caused by Pakistan's mistakes, wrong to blame global warming; claim in the report

Global warming was believed to be responsible for the devastating floods in Pakistan, but scienti

Corona: India surpasses Italy in terms of infection, know which countries are now included in top-6

New Delhi: Corona epidemic has spread in 213 countries of the world. Among these countries, India

Poonam Pandey: Will action be taken against Poonam for creating a death drama? Demand for FIR on charges of spreading fake news

The news of actress Poonam Pandey's demise has shocked everyone. Last Friday, his manager had giv

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash