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

Petrol Pump Dealer Strike: Today 70 thousand petrol pumps in the country will not buy oil, due to this a big decision was taken in 24 states

Today on May 31, about 70 thousand petrol pumps in the country will not buy petrol and diesel fro

Indo-Pak peace talks: defeated Pakistan in 4 wars in 73 years, now Indian army can practice war on its land

Positive efforts have started at several levels simultaneously to improve relations between India

Protests are not stopping in Bengal, BJP and Congress will hold a rally in Kolkata today; TMC will also protest

Political turmoil continues over the case of atrocities against a trainee doctor (Kolkata Doctor

Mumbai electricity crisis: How the power grid fails, causing power supply to come to a standstill

Mumbai: There is a power failure in the country's financial capital Mumbai from around 10 am. Due

Telegram Ban in India Faces Challenge as Users Continue Access Through VPN Services

The Central Government's temporary restriction on Telegram ahead of the NEET-UG 2026 re-examinati

IMF to Pakistan bluntly: Managing Director said – Learn to behave like a country, take money from us and give benefits to the rich

The International Monetary Fund (IMF) has advised Pakistan to improve instead of issuing a new tr

RG Kar: Doctors took out a torch rally before the Supreme Court hearing, may start a 'work stop' strike again

The Supreme Court is scheduled to hear the case of rape and murder of a female doctor at Kolkata'

Heeraben Passed Away: Worked in other's homes, lived a simple life... this is the identity of PM Modi's mother Heeraba

Prime Minister Narendra Modi's mother Heeraba Modi passed away on Friday. When the marriage took

Vehicle Prices: Vehicle prices may increase, investment will be made in meeting emission norms

The prices of passenger and commercial vehicles are expected to increase in the coming times. Aut

PM Modi said at Semicon India Conference 2023 – India's electronics production crossed $ 100 billion

Prime Minister Narendra Modi (PM Modi) on Friday addressed the Semicon India Conference 2023 in G

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