India’s trade deficit narrowed to $6.76 billion in April from $15.33 billion a year ago, according to commerce ministry figures released on Friday.
Merchandise exports contracted by a record 60.28 percent to $10.36 billion in April amid the coronavirus lockdown. Imports too tumbled by 58.65 percent to $17.12 billion in April from $41.4 billion in the same month 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. The latter resulted in large scale disruptions in supply chains and demand resulting in cancellation of orders," the ministry said in a statement
Major commodity groups which recorded negative export growth during April were gems and jewellery (-98.74 per cent), leather (-93.28 percent), petroleum products (-66.22 percent) and engineering goods (-64.76 percent). Oil imports in April stood at $4.66 billion, which was 59.03 percent lower as compared to the same month last year.
First Published: IST