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

Cryptocurrency: Big blow to bitcoin, Elon Musk's company Tesla reduced investment in this crypto by 75%

Electric car maker Tesla announced in February 2021 to invest $1.5 billion in the digital currenc

In 24 hours, more than 79 thousand new patients increased, 60 thousand people were cured, 960 infected died; 36.19 lakh cases so far

The number of corona patients in the country has crossed 36 lakh on Sunday. In the last 24 hours,

Mayank Yadav: IPL 2024 This is how Mayank Yadav was selected in Lucknow Supergiants, Delhi cricket legends revealed big secrets

IPL's new sensation Mayank Yadav may be being talked about all over the world for his speed, but

Cold Wave In India: Give us so much cold, don't give us relief from the cold weather, strong winds will blow, it will rain

The temperature in the Indian States: A horrific outbreak of winter is being seen in the country.

'Seeing a player like MS Dhoni...', R Ashwin made a big revelation on his sudden retirement from IPL

Veteran spinner Ravichandran Ashwin announced his retirement from the Indian Premier League (IPL)

Chhaava: Tehseen Poonawala got angry at those who blamed 'Chhava' for the Nagpur riots, said- Art is not a matchstick

Actor Vicky Kaushal starrer 'Chhaava' is in theatres and is earning a lot even after a month. On

India said, clash in Ladakh with Chinese soldiers, what to say about China

The Indian government said on Monday that Chinese troops have violated the agreed boundary on the

Amit Shah inaugurated the Indian language section, saying- Indian languages ​​are the soul of our culture.

Union Home and Cooperation Minister Amit Shah inaugurated the new Indian Language Section under t

Afghanistan Earthquake Today: Earthquake tremors felt in Afghanistan, magnitude 4.7 on the Richter scale

Afghanistan Earthquake Today: Earthquake tremors have been felt in Afghanistan. Today i.e. on Mar

Wrestlers Protest: 'Dangal' ends on the road, Brij Bhushan Singh's first reaction to the announcement of wrestlers came to the fore

The statement of former WFI chief Brij Bhushan Sharan Singh has come to the fore in the matter of

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