UPSC Prelims 2023 – Question 86

Q86. Consider the following statements: 

Statement I: Switzerland is one of the leading exporters of gold in terms of value. 
 
Statement-II: Switzerland has the second largest gold reserves in the world. 
 
Which one of the following is correct in respect of the above statements? 
 
(a) Both Statement I and Statement-II are correct and Statement II is the correct explanation for Statement I  
(b) Both Statement-1 and Statement-II are correct and Statement-II is not the correct explanation for Statement-1 
(c) Statement I is correct but Statement II is incorrect  
(d) Statement I is incorrect but Statement II is correct 

Correct Answer: Option (c) 

• Switzerland’s gold exports amounted to a value of nearly 87 billion U.S. dollars in 2021. Switzerland is consistently the world’s leading gold-exporting country based on value. In addition to being the largest exporter of gold based on value, Switzerland is also consistently the largest importer of gold based on value in the world. Switzerland imports unrefined gold and exports it in its refined form. Hence, statement I is correct. 
• Switzerland has the seventh-largest reserves of gold in the world. Its reserves of 1,040.0 tons account for 6.3% of its foreign reserves. Hence, statement II is not correct. 

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