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Prelims 2023 · Q86 · Trade & WTO

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?

Show answer

Answer: C. Statement-I is correct: Switzerland is one of the world's top gold exporters by value because it refines much of the world's gold. Statement-II is wrong: the USA has by far the largest official gold reserves, followed by Germany; Switzerland is around seventh. So I is correct, II is incorrect.

Watch for: Switzerland's gold refining fame makes students think it also holds huge reserves.

Why the other options are wrong
  • A. Wrong because Statement-II is false.
  • B. Wrong because Statement-II is false.
  • D. Wrong because Statement-I is true.

Source to check: World Gold Council, World Official Gold Holdings (2023); UN Comtrade data on gold exports

Answer from the official UPSC key. Written and fact-checked by AI against the official key. Spotted a mistake? Report it.