July 29, 2025 09:12 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chidambaram gave clean chit to Pakistan: Amit Shah slams Cong leader's 'homegrown terrorists' remark | All 3 Pahalgam terror attackers eliminated in Operation Mahadev: Amit Shah in Parliament | SIR row: 'Remember you work under State, ensure no name removed from voter list,' Mamata tells BLOs | You'll remain sitting there for next 20 years: Amit Shah slams Opposition amid Op Sindoor debate in LS | 'No calls between Modi and Trump from April 22 to June 17': Jaishankar rejects US Prez's ceasefire claim | Operation Mahadev: Three terrorists killed in gunfight in Srinagar's Lidwas | 'We are surprised': Supreme Court puts on hold Calcutta HC order that stayed Bengal govt's OBC list | 'I feel sad to support such a govt': Chirag Paswan slams Bihar administration after woman 'gang-raped' in Bodh Gaya | Bihar woman gang-raped in moving ambulance after she fell unconscious during Home Guard Test | Operation Sindoor still on, preparedness level should be high: CDS Anil Chauhan

Indian exports and imports nosedive in March

| @indiablooms | Apr 16, 2020, at 12:43 am

New Delhi/ IBNS: Indian exports and imports declined by record volumes in March, as countries across the world sealed their borders to fight the COVID-19 outbreak.

While the exports shrunk by 34.6 per cent, the imports contracted 28.7 per cent, said a Mint report.

Apart from iron ore, all other items in India's export basket declined. In the import list, only transport equipment registered growth, added the report.

Engineering Export Promotion Council Chairman Ravi Sehga said the decline in exports in March was expected as major economies of the world moved in a state of lockdown, but April will be worse with only export of medicines and essential commodities taking place in the current month, the Mint reported.

In the last fiscal, the Indian exports declined 4.8% to $314.3 billion while the imports plummeted 9.1% to $467.2 billion, leaving a trade deficit of $152.9 billion.

Last week, The World Trade Organization (WTO) predicted the world merchandise trade to contract in the range of 13 to 32 per cent due to COVID-19 outbreak, and added that the unprecedented health emergency will inflict a bigger blow than the 2008-09 global financial crisis.

Sharad Kumar Saraf, president, Federation of Indian Export Organisations has said the Indian export sector has a bumpy road ahead with more than 50 per cent cancellation of orders, increasing bad loans, job losses and discouraging forecasts, the Mint reported.

The government should announce a relief package for the sector before it is too late, he said.

With shrinking markets, and major economies giving huge support to their exporters, Indian exporters will face difficulties as competition will be focussed mainly on prices, he added.

(Image Credit: Pixabay)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu