India’s exports plunged over 60 per cent to $10.36 billion in April, as shipments of most of the country’s top products dropped in the wake of the COVID-19 pandemic, showed data released by the Commerce Ministry on Friday. This is the lowest that exports have dropped in over 20 years, according to experts.
Exports had contracted 34.57 per cent in March.
After the The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis.
“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,” said the Ministry. Imports declined nearly 59 per cent to $17.12 billion in April from $41.4 billion in the same month last year.
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