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

Pegasus Issue: On the order of SC in Pegasus case, Rahul Gandhi said - this is a big step, ready to cooperate if the inquiry committee is called

Rahul Gandhi on Pegasus Issue: Congress leader Rahul Gandhi has once again targeted the Modi gove

Harish Rana Euthanasia: Harish remains the topic of discussion throughout the day; family members do not answer calls—here is what transpired on Day 1 of the euthanasia process.

Even after Harish was transferred to AIIMS from the Raj Empire Society in Raj Nagar Extension, Gh

Dragon's disturbance in the close friendship of India and Bhutan! Buffer zone in danger, know

India's concern has been raised in the virtual meeting of the foreign ministers of Bhutan and Chi

'Leave Tehran immediately', Embassy of Iran issues advisory to Indian citizens, students say- we trust India's strength.

The growing tension between Israel and Iran in West Asia has caught the attention of the whole wo

LIC vs. Mutual Funds: Choose Security or Spectacular Returns? Find Out Which Option Is Right for You.

In today’s rapidly evolving financial landscape, investment preferences among Indians are c

Do you know what happens to your social media accounts after death?

Do you know what a digital asset is? What happens to a social media account after someone's death

Motorola One Fusion + entry in mid-segment, this phone will get real competition

New Delhi: Motorola has now brought its new Motorola One Fusion + smartphone in the mid-range seg

UP Lockdown Extension: Extended lockdown in UP till May 10, four more days to be followed by Corona curfew

Because of the situation of coronavirus infection in Uttar Pradesh, the Yogi Adityanath governmen

Delhi's air is becoming poisonous, Javadekar did not consider Parali the biggest reason, so Kejriwal said - then know how to find this pollution?

As the winter days are drawing near, the capital of the capital Delhi is becoming poisonous. A th

Bigg Boss 17: This YouTuber will join Salman Khan's show, and beat even Elvish and Abhishek in popularity.

Salman Khan Show Bigg Boss 17: Salman Khan's controversial show Bigg Boss is going to make a come

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