After oil demand took a severe hit from the spread of the novel coronavirus, the revitalization in gold standard seems to have been embraced. Investors stash their cash in volatile assets such as gold to protect their wealth, which makes the demand for the gold increase and the prices as well.
According to the General Organisation for Import and Export Control (GOEIC) report, gold export topped the list of the 20 most exported commodities, followed by petroleum oils, monitors and others.
Nitrogenous fertilizer came 7th on the list of most exported industrial commodities followed by insulated wires, polyethene and propylene polymers, alcoholics and raw aluminium.
Food exports also totalled to $379 million by the end of June 2020, followed by fresh and dried grapes, cheese, frozen vegetables, fruits, starch processing residue and wheat flour.
The total value of non-petroleum commodities amounts to $1.52 billion in June 2020.
