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

The mock drill tested the preparation for war against Corona, campaign in hospitals of all states and union territories

Mock drills were organized in various hospitals across the country on Tuesday on the advice of Pr

Weather News Today: Haze in Delhi-NCR, rain alert in UP-Bihar, know - latest weather updates

Rains are continuing in many parts of the country. From Delhi-NCR to UP-Bihar in October, the rai

School Reopen: Schools will open in Maharashtra from January 24, know what is the latest update in your state

Common life is troubled amidst increasing cases of corona across the country. Offline classes of

DC vs GT Playing 11: Pant's leadership will be tested against Gujarat, Ishant Sharma may return

Rishabh Pant's leadership abilities will be tested in the IPL match against Gujarat Titans&n

The such craze for FIFA Qatar World Cup 2022, a family spent Rs 23 lakh to watch the match, knowing the whole matter

The craze for FIFA Qatar World Cup 2022 is no less in our country as well. This can be gauged fro

Assembly Election 2024: The wait is over, dates for Maharashtra and Jharkhand elections will be announced today

Assembly elections in Maharashtra (Maharashtra Election Dates) and Jharkhand will be announced to

A complete schedule of Mumbai Indians in IPL 2022 like this, know when MI will play against whom

The Board of Control for Cricket in India (BCCI) has announced the full schedule of the 15th seas

'If you want to abuse me, let me...' Anurag Kashyap apologized with sarcasm, he had given a controversial statement about Brahmins.

These days, the controversy over the movie Phule is in the news. After watching the trailer, the

T20 World Cup 2026: Had South Africa Wished, the Indian Team Would Not Have Reached the Semifinals! The Game Could Have Been Decided Right in the Super-8 Stage.

On Sunday, March 8, the Indian team made history in the final of the 2026 T20 World Cup. At the N

Israel's new warning to the people of Iran, more than 600 people have died so far in the rapid attacks; Read the important points of the war.

The tension in Iran-Israel (Iran-Israel conflict) has now turned into a war. Iran's Supreme Leade

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