Follow Us:
Wednesday, May 27, 2020

Exports contract for second straight month, plunge 60.28% in April

This is the lowest that exports have dropped in over 20 years, according to experts.

By: ENS Economic Bureau | New Delhi | Published: May 16, 2020 12:39:28 am
india exports, exports down, india export goods, coronavirus lockdown, trade restrictions Exports had contracted 34.57 per cent in March. (Representational)

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.

Explained

COVID-19 impact

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.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement