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

4 terrorists killed in Jammu: came hiding in a truck, fired during the search, we're going to Kashmir with ammunition

Four terrorists were killed by security forces in the Sidhra area of Jammu on Wednesday morning.

The country did not benefit from the early monsoon: stuck in Karnataka for 8 days; No pre-monsoon rains, so Lu returned

Monsoon arrived in the country, it was 3 days early, but now it is stuck around Karwar in Karnata

Registration is done in these two government-backed insurance schemes, so keep Rs 342 in your bank account in May

The Narendra Modi government had launched two major insurance schemes in 2015 keeping in mind the

Gold demand for jewelry is at an all-time low

Gold demand in the country declined by 70 percent during the April-June quarter. This is the firs

Modi at FICCI event: PM said- He wants the interest of farmers with both policy and intention, he will be the biggest beneficiary of the reforms

Prime Minister Narendra Modi on Saturday joined the 93rd Annual Meeting (AGM) of the Federation o

Jharkhand: Kharge claims- PM Modi had received an intelligence report of a terrorist attack, which is why he canceled his Jammu and Kashmir visit

Congress President Mallikarjun Kharge fiercely targeted Prime Minister Narendra Modi and the cent

Arvind Kejriwal: 'Are the people of Delhi, Punjab and Gujarat Pakistanis?' CM Kejriwal angry over Amit Shah's statement

Delhi Chief Minister Arvind Kejriwal held a press conference on Tuesday. He said that the fi

Earthquake in eastern Indonesia: 5.8 magnitude jolts houses, beach evacuation warnings

A 5.8-magnitude earthquake struck eastern Indonesia on Wednesday, causing cracks in some walls, a

UP Board Result 2022: UP Board XII result will be released soon, know how to download

UP Board Result 2022: The result of the 12th class board examination conducted in the state by th

Weather Patterns to Keep Changing in Delhi-NCR This Week: From Rain to Rising Temperatures—IMD's Weekly Update

The weather in Delhi-NCR is expected to remain highly variable between March 30 and April 5. The

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