India’s exports contracted by a record 60.28 per cent to USD 10.36 billion in April amid the coronavirus lockdown, official data showed on Friday. Imports too tumbled by 58.65 per cent to USD 17.12 billion in April from USD 41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
The trade deficit narrowed to USD 6.76 billion. Trade deficit in April 2019 stood at USD 15.33 billion.
The country’s exports had contracted by 34.57 per cent 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 per cent), leather (-93.28?per cent), petroleum products (-66.22?per cent) and engineering goods (-64.76?per cent). Oil imports in April stood at USD 4.66 billion, which was 59.03 per cent lower as compared to the same month last year.