Question

UPSC Prelims 2023 Question:

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?

1. Both statement-I and Statement II are correct and Statement II is the correct explanation for Statement-I
2. Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
3. Statement-I is correct but Statement-II is incorrect.
4. Statement-I- is incorrect but Statement-II is correct.

Answer (Detailed Solution Below)

Option 3: Statement-I is correct but Statement-II is incorrect.

Detailed Solution

Explanation:

In 2021, Switzerland exported $86.7B in Gold, making it the 1st largest exporter of Gold in the world. In the same year, Gold was the 1st most exported product in Switzerland. The main destination of Gold exports from Switzerland are India ($29.3B), China ($16B), the United States ($8.13B), Germany ($5.8B), and Hong Kong ($4.67B). So, statement 1 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. So, statement 2 is not correct.

Therefore, option (3) is the correct answer.

Subject: Polity | International Relations

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