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India’s exports contract 60% in April; trade deficit narrows to $6.76 billion
May-18-2020

Contracting for the second straight month, India’s merchandise exports shrank by 60.28% in April 2020 as compared to same period of last year, mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. However, trade deficit, gap between imports and exports, narrowed to $6.76 billion in April 2020 from $15.33 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 60.28% to $10.36 billion in April 2020, as compared to $26.07 billion in the same month a year ago. In Rupee terms, it was down by 56.39% to Rs 78,951.41 crore in April 2020, as compared to Rs 1,81,021.34 crore in April 2019. Non-petroleum and Non Gems and Jewellery exports in April 2020 were $9.08 billion, as compared to $19.54 billion in April 2019, exhibiting a negative growth of 53.54%.

On the other hand, imports during April 2020 too decreased by 58.65% to $17.12 billion as compared to $41.40 billion in April 2019, while in rupee terms it was down by 54.59% to Rs 1,30,525.08 crore from Rs 2,87,432.93 crore in April 2019.

Further, oil imports in April 2020 were $4.66 billion, which were 59.03% lower, compared to $11.38 billion in April 2019. Non-oil imports during April 2020 were estimated at $12.46 billion which was 58.50% lower than non-oil imports of $30.02 billion in April 2019. Non-Oil and Non-Gold imports were $12.46 billion in April 2020, down 52.18% over the same period of last year.


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