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

The number of healthy patients crosses 40.24 lakhs, it is four times the active case: 51.18 lakh cases in the country so far

The number of corona patients in the country has increased to 51 lakh 18 thousand 605. A record 9

Mahakumbh 2025: Prayagraj jammed! road... crowded with buses and trains, long queues on the roads all around; everyone is troubled

Maha Kumbh is going on in Prayagraj, Uttar Pradesh. Thousands of devotees are coming to take bath

Siraj again clashed with the umpire: Match referee forgot to toss a coin

India defeated South Africa by 7 wickets in the second ODI played in Ranchi on Sunday. With this

Asia Cup Final: "I'll tell my kids," Raghav Juyal, who watched the India-Pakistan match live, said, "It was amazing."

Everyone is elated after India's spectacular victory over Pakistan in the final of the Asia Cup 2

Maharashtra Elections: Nana Patole in a triangular fight on Sakoli seat; rebel Somdutt independent, BJP's challenge increases

Sakoli constituency is a famous assembly constituency of Bhandara district. State Congress Presid

Weather Update Today: Increased cold in UP and Delhi, rain alert in these states; Know-how is the weather today

Cold has arrived in almost all the states of the country. According to the Meteorological Departm

Salman Khan secretly married Sonakshi Sinha? Know what is the truth of this photo

Wedding pictures of Bollywood superstar Salman Khan and Sonakshi Sinha are becoming fiercely vira

UCC: What is the government waiting for in implementing the Uniform Civil Code, why is it taking so long? Know everything

The Central Government has stepped up preparations to bring the Uniform Civil Code (UCC). The 22n

WPL 2024: Women's Premier League will be held in two cities, what's new in the tournament this time? Know everything through 10 questions

The second season of the Women's Premier League (WPL) will start on Friday. On the lines of IPL,

Covid-19: Corona is again wreaking havoc on many countries of the world, breaking strength in India, know what the figures say

Corona is again wreaking havoc in all the countries of the world including China. Since the begin

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