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

NEET paper leak case: 33 members of the solver gang on CBI's radar, will be questioned; the case was registered in September 2021

In the NEET paper leak case, 33 members of the solver gang from Purvanchal, Bihar, Jharkhand, Tri

Less than 4 lakh cases for the first time in 5 days: Only 8,907 active cases increased in the last 24 hours, this is the lowest in the last 55 days; But this happened because of testing

Relief news came on Monday amid the second wave of Corona in the country. The number of new patie

Anushka Virat Kohli: Virat-Anushka cooked food themselves for Vamika-Akay, said- 'I cheat a little'

Anushka Sharma and Virat Kohli are one of the most loved couples in Bollywood. During an intervie

Five deserving no place in Team India: Shami, Samson, and Ishaan out in Asia Cup, a chance for flopping passion

Team India has been announced for the Asia Cup. The tournament is considered important in terms o

Was China's strictness in Corona just a show off: 5 claims, which were praised by the world... Investigate them to find the reason for their plight today

Due to the new wave of Corona in China, patients are increasing rapidly in hospitals. The trouble

Salman Khan: Lapse in Salman's security, two unknown persons entered his house in two days; Guards caught them and handed them over to police

A big lapse has come to light in the security of Bollywood superstar Salman Khan. Within two days

Neeraj Chopra Returns to Commonwealth Games After 8 Years; Arshad Nadeem Rivalry Set to Ignite Glasgow 2026

India's Olympic and World Champion Neeraj Chopra is all set to make his much-awaited return to th

'My daughter is innocent, Meghalaya police is framing her', on Sonam Raghuvanshi's arrest, father said- 'I will meet Amit Shah and...

After Sonam's arrest in the Indore Couple Case's Raja Raghuvanshi murder case, her father Devi Si

NIA Enters TCS Nashik Case; Probe into Foreign Funding and Hawala Network Intensifies

The TCS Nashik conversion case has now taken a serious turn. Expanding the scope of the investiga

Dehati Disco Trailer: Ganesh Acharya's 'Dehati Disco' trailer came out, acting along with dance won hearts

Dance has always been a special part of Indian cinema. So far, many such films have been released

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