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

'I am not seeking independence from China', the Dalai Lama reached Jammu and attacked Chinese fundamentalists

The Dalai Lama, the spiritual leader of Tibet, who is on a visit to Jammu, said that he is not se

'They will not decide who is a true Indian, ' Priyanka Gandhi in defense of Rahul Gandhi, responded to SC's comment

Congress MP Priyanka Gandhi has responded to the Supreme Court's remarks. Defending Rahul Gandhi,

Stray Dogs: On the issue of stray dogs, the Supreme Court asked - How can one tell if a dog is in the mood to bite or not?

During the hearing on a petition related to stray dogs on Wednesday, the Supreme Court made a sig

Abandoned the monarchy for the sake of love: Japan's princess married boyfriend, gave up her royal title

Man leaves everything for love. You must have heard this in tales and stories, but Princess Mako

IND vs USA: India has to be careful with these five American players, they can change the match in minutes, know more

The excitement of the T20 World Cup 2024 is on the rise among the fans and players. Today the 25t

RBI: RBI may increase the repo rate by 0.35 percent this month

A few days after the US Federal Reserve hiked interest rates, the RBI may also increase the repo

Delhi Election: 18 thousand rupees every month, what is AAP's 'Pujari-Granthi Samman Scheme'? Kejriwal will launch the scheme today.

AAP, which is embroiled in controversies over registration in Mukhyamantri Mahila Samman Yojana a

Major decisions on loudspeakers in Maharashtra: Now approval is necessary for loudspeakers at religious places; Hanuman Chalisa banned near mosque in Nashik

An important decision has been taken between Maharashtra Navnirman Sena and the ongoing tussle in

Ruckus in Delhi ahead of MCD polls: BJP-AAP protest at Ghazipur landfill site, Kejriwal raises slogans of 'Go Back

Delhi CM Arvind Kejriwal is about to reach the Ghazipur landfill today, but before that, a loud r

Mukesh Ambani: Reliance will make a mark in the finance world through Jio Financial Services, preparing for big investments in renewable business

The statement of Chairman and MD Mukesh Ambani has come to the fore after the separation of Jio F

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