Exports in March 2020 were USD 21.41 billion, as compared to USD 32.72 billion in March 2019, exhibiting a negative growth of (-) 34.57 per cent. In Rupee terms, exports were Rs. 1,59,157.98 crore in March 2020, as compared to Rs. 2,27,318.25 crore in March 2019, registering a negative growth of (-) 29.98 per cent. 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.
Imports in March 2020 were USD 31.16 billion (Rs.2,31,710.92 crore), which was 28.72 per cent lower in Dollar terms and 23.72 per cent lower in Rupee terms over imports of USD 43.72 billion (Rs 3,03,753.76 crore) in March 2019. Cumulative value of imports for the period April-March 2019-20 was USD 467.19 billion (Rs.33,07,977.05 crore), as against USD 514.08 billion (Rs.35,94,674.61 crore) during the period April-March 2018-19, registering a negative growth of (-) 9.12 per cent in Dollar terms (negative growth of (-) 7.98 per cent in Rupee terms).During FY20, India's exports contracted 4.8% to $314.3 billion while imports shrank 9.1% to $ 467.2 billion, leaving a trade deficit of $152.9 billion.
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