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

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel, know how much are the prices in your city

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

Apple can launch 4G models of iPhone 12, know - how cheap will be the price

New Delhi: For those who are fond of the iPhone, the company can also launch many models of iPhon

An angry Mridul Tiwari spewed venom outside the house, calling Farhana 'toxic' and Amaal Mallik 'two-faced'.

Mridul Tiwari's mid-week eviction shocked Bigg Boss 19 fans. Mridul's displeasure with the evicti

US Commander said: India-America facing similar security challenges from China, Biden government is providing such help

America's top commander has said in his statement that the security challenges of India and Ameri

This time, not slippers, Vijay Deverakonda was seen in boots, and users said - 'The drama of promotion is over

Telugu film superstar Vijay Deverakonda will be seen in the pan-India film Liger. There is a trem

T20 World Cup: India became the second country to make this record after England; also won the eighth consecutive match in T20

The winning streak of the Indian team continues in the T20 World Cup 2024. Team India defeated Af

Tamannaah Bhatia's statement caused her relationship with Vijay Varma to break? A hint of breakup from Instagram

Actress Tamannaah Bhatia and actor Vijay Verma were dating each other for a long time. Both were

National Film Awards: Mohanlal's speech wins hearts, Dadasaheb Phalke Award winner receives a standing ovation

The National Film Awards 2023 were held on September 23rd at Vigyan Bhawan in Delhi. From Shah Ru

Google may launch Pixel 5, 5G smartphone in September, this mobile will be a direct competition

New Delhi: When Google recently launched its smartphone Pixel 4a, it was informed that soon it wi

Farmers in Haryana-Punjab sit on railway tracks; More impact on Jagatpura station in Jaipur

Today is the 85th day of the peasant movement against agricultural laws. Farmers are stopping rai

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