India’s exports contracted by 60.28 per cent in April, the steepest monthly fall in at least 25 years, as manufacturing units kept shut in a nationwide lockdown to contain the coronavirus.
The rate of fall in April was the steepest since at least April 1, 1995. According to the data released by the commerce and industry ministry on Friday, exports stood at just $ billion in April, as 10.36 billion as compared to $ 26.07 billion in April, 2019.
Exports had tumbled by 34.5 per cent in March, which was another record with overseas demand in key markets fizzling out due to the coronavirus pandemic. A wave of cancellation and postponement of foreign orders in key sectors such as gems and jewellery and petrochemicals, had also contributed to the fall. This final blow had cut short the government’s internal target of achieving $350 billion of outbound trade, restricting annual trade to $ 314 billion in 2019-20.
On the other hand, imports crashed 58.65 per cent to $ 17.12 billion over the month. Inbound goods had shrunk by 28.72 per cent in March.