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

Jack Ryan Season-4 Episodes Review: Jack Ryan sets out on the most difficult mission of his career, what will be the result?

Jack Ryan Season 4 Review: The spy web series Jack Ryan (Tom Clancy's Jack Ryan), which started i

PM Johnson's new problem: Muslim MP Nusrat Ghani's allegations will be investigated, was removed from the ministerial office in 2020

British Prime Minister Boris Johnson on Monday ordered an internal Cabinet Office inquiry into al

Bangladeshi government declared ISKCON a fundamentalist religious organization, a petition filed for the ban, know 10 big latest updates.

After the arrest of ISKCON saint Chinmay Krishna Das, there have been continuous protests in Bang

Bigg Boss 19: Tanya Mittal got irritated with Pranit's roasting, 'Bigg Boss 19' got a tadka of entertainment

Salman Khan's superhit reality show 'Bigg Boss 19' is continuously entertaining the audience. In

Bumrah may be out of IPL: Doubt on playing final of World Test Championship may return in ODI World Cup

Indian fast bowler Jasprit Bumrah may be out of IPL 2023. On the other hand, if India reaches the

'If we make laws, it will create social instability in the country,' Owaisi warns the government on the Waqf Amendment Bill.

All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi has warned the government o

Russia-Ukraine Conflict: Situation worsens between Russia and Ukraine, UN Security Council meeting continues, Indians will return from Ukraine

The ongoing dispute between Russia and Ukraine has now reached its peak. On Monday, Putin recogni

Haldwani Violence: Words of a terrible day written on roads, walls, and vehicles... even after a week the situation is like this, pictures

Eight days ago... this was the same area. No one knew that after some time something unimaginable

Buy this watch worth Rs 5,999 in the launching offer for just Rs 1,499, the look and features are amazing

There is a deal on a new launch smartwatch on Amazon, in which a bumper discount is available. Sm

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

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