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

Japan Earthquake: R actor Jr NTR narrowly escaped, and left Japan for India a few hours before the earthquake

The new year 2024 brought terrible devastation for Japan. On January 1, several consecutive after

These 5G smartphones are making a splash in the Indian market, know their price

New Delhi: In today's era, the importance of smartphones has increased a lot. Today, people use s

Imran's promise - No action on Bajwa when he comes to power: Former PM of Pakistan said - The government fell due to his conspiracy, but this is my dispute

Former Pakistan Prime Minister Imran Khan has accused former army chief Qamar Javed Bajwa of cons

Indian Army Chief Manoj Pandey reached Bhutan amid Chinese 'infiltration' in Doklam, Dragon settled the village!

Army Chief General Manoj Pandey began a two-day visit to Bhutan on Friday. The Army Chief's visit

Vice President Election: Announcement of the date of Vice Presidential election, if needed, voting will be held on August 6

Vice President Election 2022: The date for the Vice Presidential election has been announced. If

GPF: Financial benefits taken away from the employees of the Center, the maximum limit of 'General Provident Fund' fixed, 5 lakhs will be deposited

The Central Government has fixed the maximum limit for depositing money in the 'General Provident

Bigg Boss 18: Kangana Ranaut revealed the names of the top 4 contestants! Said- 'These people made a big drama'

Many celebrities come to promote their film or show in the Weekend Ka Vaar of the controversial s

5 big things to know before buying Oneplus 8 smartphone, compete with Xiaomi

New Delhi: Oneplus 8 is very much in discussion these days. The company has designed this phone k

US: India is playing an 'important role' globally, officials gave statement before PM Modi's US visit

America is ready to welcome Indian Prime Minister Narendra Modi. Meanwhile, President Joe Biden's

Finland's PM was seen dancing after drinking alcohol: Sana Marine was accused of taking drugs by the opposition, PM said - I am ready for investigation

A video of Finland's Prime Minister Sana Marine is going viral on social media. In this, she is s

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