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COVID-19 impact: Exports plunge 60.28% in April.


Date: 16-05-2020
Subject: COVID-19 impact: Exports plunge 60.28% in April
India's exports contracted by a record 60.28 percent to $10.36 billion in April amid the coronavirus lockdown, official data showed on Friday. Imports too tumbled by 58.65 percent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.

The trade deficit narrowed to $6.76 billion. Trade deficit in April 2019 stood at $15.33 billion.

The country's exports had contracted by 34.57 percent in March 2020.

"The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. The latter resulted in large scale disruptions in supply chains and demand resulting in cancellation of orders," the ministry said in a statement.

Major commodity groups which recorded negative export growth during April were gems and jewellery (-98.74 percent), leather (-93.28 percent), petroleum products (-66.22 percent) and engineering goods (-64.76 percent). Oil imports in April stood at $4.66 billion, which was 59.03 percent lower as compared to the same month last year.

Source:- moneycontrol.com

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