New Delhi: The country's gold imports fell for the fifth consecutive month in April. It fell 100 percent to $ 28.3 million due to the global lockdown caused by the Corona epidemic. In April 2019, it stood at $ 39.7 billion, according to data from the Commerce Ministry. 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 gold importer. The country imports around 800 to 900 tonnes of gold per year. Export of gems and jewelery from the country declined by 98.74 percent 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.
Due to the decrease in the import of gold, the burden on the current account has reduced, but in the coming times when the bullion markets will open, the jewelers may have to face the shortage of gold because India imports most of the gold it needs.
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