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

iPhone 18 and iPhone 18e Launch Date Tipped: Major RAM Upgrade and AI Features Expected

While Apple's upcoming iPhone 18 Pro models continue to dominate headlines, fresh leaks suggest t

The heat did not catch pace in Bihar and water crisis deepened here, 25 thousand population disturbed water

The heat has not started properly in Bihar and the water crisis has deepened in Gaya city of the

Citadel New Trailer: New trailer of Priyanka Chopra Jonas' series 'Citadel' was released, and more layers of the story revealed

Priyanka Chopra Jonas is in the news these days for her personal life with the spy action web ser

Good news: Big decision regarding admission in school-college, now admissions will be free

Guwahati. There is hardly any country in the world untouched by the deadly pandemic Corona virus.

Akshay Kumar's team revealed Paresh Rawal's secret, lakhs of rupees were given to him before the shoot of Hera Pheri 3

After Paresh Rawal's sudden exit from Hera Pheri 3, this matter has become quite heated. Every da

Ben Stokes Injury: Big blow to Chennai before IPL 2023, Ben Stokes will not bowl in opening matches

Before the start of IPL 2023, Chennai Super Kings have suffered a major setback. The team's star

Pushpa 2's 'whirlwind' even before its release, Allu Arjun's film created a storm with an OTT deal, made huge earnings

The buzz of Allu Arjun starrer film 'Pushpa: The Rule' (Pushpa 2) has been made. E

Kerala connection of Hezbollah pager blast! Why are the police investigating the background of a person of Indian origin?

After the name of 37-year-old Indian-origin entrepreneur Rinson Jose surfaced in the recent Pager

UP: State schools will not be able to increase fees in academic session 2021-22, an order issued

Because of the circumstances arising out of the Corona epidemic, the Uttar Pradesh government has

Wayanad Landslide: A 40-day-old girl and six-year-old son kept struggling with the disaster with their mother, were rescued safely

The landslide in Wayanad took hundreds of lives. In the accident, a 40-day-old girl and her six-y

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