Merchandise, Services Imports fall 47% In April; Exports Down 37%

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Trade deficit narrowed to $6.76 billion last month, from $15.33 billion in April 2019

India’s merchandise and services exports shrank 36.65 per cent to $27.96 billion last month compared to the corresponding period a year ago, official data showed on Friday. Imports in both categories came in at $27.80 billion in April 2020, marking a contraction of 47.36 per cent compared to the April 2019 figure. Trade weakened as the country remained in an extended weeks-long lockdown to curb the spread of the coronavirus pandemic, which has hampered an already-slowing economy and forcing businesses to trim operations.

The country’s trade deficit – which occurs when imports exceed exports – narrowed to $6.76 billion in April, from $15.33 billion in the corresponding period last year.

The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current COVID-19 crisis resulting in large-scale disruptions in supply chains and demand, the commerce ministry said.

Barring the iron ore and drugs category, exports in which rose 17.53 per cent and 0.25 per cent respectively, exports in all other commodity groups shrank in April.

Major commodity groups that recorded contraction in exports during the month included gems and jewellery (98.74 per cent), leather (93.28 per cent) and petroleum products (66.22 per cent).

Oil imports declined 59.03 to $4.66 billion in April, from $11.38 billion in the year-ago period. Brent price – the global benchmark for crude oil – fell 67.22 per cent in April, the ministry said quoting World Bank data.

Author: ApnayOnline

ApnayOnline.com is an oline news portal which aims to provide latest trendy news around the Asia

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