Due to the global slowdown that got aggravated because of the Covid-19 crisis, India’s exports contracted by a record 60.28 per cent to $ 10.36 billion in April 2020. Imports too tumbled by 58.65 per cent to $17.12 billion during the month, from $41.4 billion in the same month last year, according to the latest data released by the Commerce and Industry Ministry. This was mainly due to large scale disruptions in supply chains and demand, resulting in the cancellation of orders, said a report.
Negative export growth in April was primarily witnessed in the gems and jewellery (-98.74 per cent), leather (-93.28 per cent), petroleum products (-66.22 per cent) and engineering goods (-64.76 per cent) sectors. Oil imports stood at a value of $4.66 billion, which was 59.03 per cent lower as compared to the same month last year, as per Ministry data.
Cargo volumes of 11 Major Ports fall
As the Coronavirus-induced demand compression roiled global trade, cargo volumes handled at India’s 12 Major Ports fell by 21.08 per cent in April 2020 to 47.42 million tonnes (mt) from 60.08 mt a year ago. With the exception of Mormugao Port, the remaining 11 Major Ports reported volume declines in April compared to the same period last year, according to Indian Ports Association (IPA) data.
Chennai Port Trust reported the steepest fall in cargo volumes in April at 38.17 per cent, while JNPT saw a 33.97 per cent drop. CoPT handled 33.73 per cent lower and KoPT reported a volume drop of 26.49 per cent. Deendayal Port handled 23.25 per cent less, and for VOC Port it was a slump of 25.52 per cent. The only exception was Mormugao Port Trust, which handled 5.41 per cent more. Almost all commodities reported a decline in volumes during the month.
