India’s exports contracted by a record 60.28% to $10.36 billion in April amid the coronavirus lockdown, official data showed on Friday.
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Imports too tumbled by 58.65% 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.
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The trade deficit narrowed to $6.76 billion. Trade deficit in April 2019 stood at $15.33 billion.
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The country’s exports had contracted by 34.57% 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.
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Major commodity groups which recorded negative export growth during April were gems and jewellery (-98.74%), leather (-93.28%), petroleum products (-66.22%) and engineering goods (-64.76%). Oil imports in April stood at $4.66 billion, which was 59.03 % lower as compared to the same month last year.
