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

Sri Lanka Crisis: World Bank bluntly, no plan to give new financial help to Sri Lanka

The World Bank has said Sri Lanka, which is facing an economic crisis, that it has no plans to fi

India-Bangladesh: India is cautious not only about the present but also about the future, and will have to maintain a flexible attitude given the investment of billions of dollars

India has full sympathy for Sheikh Hasina and it will continue in the future as well. But while e

Pilibhit Encounter: Another new revelation, Pakistani connection of weapons recovered from terrorists!...secrets are buried in the phone

Two Glock pistols and other weapons recovered from the terrorists killed in a joint operation by

'How much hatred is there in their words?', Harshvardhan Rane's befitting reply to Mawra Hocane's statement

A heated debate has erupted between Bollywood actor Harshvardhan Rane and his Sanam Teri Kasam co

Covid-19: 11 types of Omicron sub-variants found in travelers from abroad, 124 positive in 19,227 tests

Amid apprehensions of a new wave of Corona in the country, 11 sub-variants of the Omicron variant

PM Modi: 'Indian Railways will continue to grow at the pace of modernity', PM Modi said after flagging off Vande Bharat

Prime Minister Narendra Modi laid the foundation stone of several rail projects worth over Rs 85,

Ukraine War: Russian army has an edge in Ukraine, Zelensky expressed difficulty, said- Allies should now help fast

Russian troops have breached Ukraine's military defense wall at two places and advanced into Ukra

Relations with neighboring countries: The car originating from Pakistan sometimes gets entangled in China and sometimes in Afghanistan

JP Singh, Joint Secretary in the Ministry of External Affairs, is looking for a way for India in

Teachers Day: These stars were teachers before coming into the world of acting, many big stars are on the list

Many stars who have shown their performance in the film world have also served in other fields be

Effect of the Russia-Ukraine war: The gas supply crisis may deepen in Europe, the deadline for payment in the ruble is near

Russian President Vladimir Putin recently said that any countries opposing Russia during the war

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