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.

 

 

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

Economy: China raised the world's concern by reducing the interest rate, but for the time being the dollar benefits

At present, the US currency dollar is getting the direct benefit of the increasing economic diffi

Banned Kerala PFI leaders were in touch with IS and Al Qaeda, NIA reveals in the special court

The National Investigation Agency (NIA) has made important disclosures regarding the banned Popul

Amul Milk Price Hike: Amul shocks customers, increases milk price by Rs 3 per liter

The price of Amul Full Cream Milk Price has been increased by Rs 3 per liter from the country's l

SRH mistress disappointed with the defeat from Lucknow: Captaincy was snatched from Warner last season, now people said - call and say sorry to Kavya Maran

The start of the 2022 season has also not been special for SRH, who finished last in IPL 2021. Th

Bihar SIR Row: Hearing on petitions challenging SIR in Bihar; Supreme Court will hear the case today

The apex court will hear today the petitions challenging the Election Commission's move to the SI

Covid-19: Will Covid variants be less severe in the future? Even WHO does not guarantee that

There is a panic about the coronavirus in the world. New cases of the coronavirus are being seen

RBI Monetary Policy June 2023: Relief from the increasing burden of loan and EMI, no change in repo rate this time too

The Reserve Bank of India (RBI) has announced the new monetary policy today. The Monetary Policy

Haryana's BJP government completes 8 years: Khattar will reach Delhi today; Election code of conduct casts a shadow on CM's 'Manohar' announcements

The BJP government in Haryana is going to complete eight years. Along with the government, the BJ

Pfizer's vaccine effective against beta and gamma variants of Corona, know what were the results

In the second wave of the corona epidemic, different variants or forms of corona across the world

Petrol Diesel Price Today: Oil companies released the prices of petrol and diesel, know the prices of your city

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel for today. Today

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