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

Less than 200 infected were found everywhere except 7 states, for the third consecutive day when more patients were cured than new cases in the country.

In the last 24 hours, more than 400 cases have been reported in Kerala, Maharashtra, Tamil Nadu,

A war of words over SIR: Are BLO deaths also a drama? Akhilesh asks PM Modi's 'delivery, not drama' jibe.

The winter session of Parliament has begun with a stormy start. The opposition created a ruckus o

Covid Vaccination: 10 days of vaccination campaign for teenagers completed, the first dose given to 3 crore children

The pace of vaccination is increasing rapidly in the country. Adults, as well as adolescents, are

Trump will meet his friend, Modi, the meeting may take place in Washington next month; what issues will be discussed?

Diplomats from India and the US are trying to organize a meeting between Prime Minister Narendra

Fiber optic cable: NITI Aayog member opposes government tender, accused of keeping Indian companies away

NITI Aayog member and top scientist VK Saraswat is opposing the government tender for the Rs 1,07

Amidst Sushmita Sen-Lalit Modi's relationship, ex-boyfriend Rohman's message - don't expect too much from your partner

Sushmita Sen and Rohman Shawl were in a relationship for many years. Even though Rohman was young

President Poll: How the votes are counted, how many votes will decide the victory? Learn the maths of counting votes for the presidential election

The presidential election results will be out today. NDA candidate Draupadi Murmu will win or the

Amul Milk Price Hike: Amul shocks customers, increases milk price by Rs 3 per liter

The price of Amul Full Cream Milk Price has been increased by Rs 3 per liter from the country's l

Kerala: Crowds gather in Kerala for Rahul's India Jodi Yatra, blessings taken from mother Amritanandamayi

Congress leader Rahul Gandhi's 'Bharat Jodo Yatra' is getting huge public support in Kerala. This

Putin will not join G20: Decision was taken to avoid taunts from Western leaders; Russian army retreats from Kherson, Ukraine

Russian President Vladimir Putin will not attend the G20. According to the news agency AFP, Putin

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