March 2020: Exports Shrink 35%

India’s exports shrank almost 35% in March, the biggest contraction in almost a decade, reflecting the global slowdown made worse by the Covid-19 pandemic.

Outbound merchandise shipments declined in 2019-20 for the first time after 2015-16, raising serious concerns over a sharp fall in employment-intensive sectors.

Exports declined 4.8% to $314.31 billion in FY20 from $330.08 in FY19. They slumped 34.6% to $21.41 billion in March, while imports declined 28.7% to $31.16 billion as countries sealed their borders to combat the pandemic.

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