India’s Exports Record Low in March & April 2020 – Coronavirus Impact

26 June 2020
India Export Data

India’s exports went a record down by -60.28% in April and -34.57% in March 2020 as compared to same months last year, amid coronavirus pandemic. According to Export Genius India export data, goods exported from the country valued USD 21.41 billion in March and USD 10.36 billion in April. Leather, gems and jewelry were the major decliners, which declined the total exports from India.


According to Federation of Indian Export Organisations (FIEO), India shipment data is on the expected lines as Indian exporters were not able to ship commodities from second half of March due to the lockdown, cancellations and delay of shipments & orders. Spread of Covid-19 across the globe has not only pulled down the world sentiment to its lowest but has also affected the global supply chain and brought economies in recessionary condition.  


India’s Exports in Jan, Feb, Mar & Apr 2020


After registering a positive growth in total exports during January and February 2020, Indian exporters saw worst days of business as value of shipments departed from the country went down considerably due to coronavirus lockdown. In March, India recorded a down of -34.57% in value of exports, while -60% in April 2020. Despite few local relaxation in lockdown 4.0 and resuming domestic flights, India may see outgoing fall in exports in coming months of 2020 as well.


Month

Percentage Share

January

1.7%

February

2.9%

March

-34.57%

April

-60.28%

 

Impact from the Coronavirus (Covid-19) on Commodity Exports from India in March 2020


In the second half of March 2020, lockdown in India started, which put completely break on international trade and almost every product category recorded a major decline in total value of shipments. Among India’s top exports, oil was a leading decliner, which recorded a negative growth of -69.8% in March 2020 as compared to same month last year.


Barring iron ore and pharmaceutical products, all the remaining 28 key sectors registered negative growth in the month under review. India customs data shows the following list of top 10 commodities, which recorded a negative growth in exports from India during said period.



Product

Percentage Share

Oil

-69.8%

Meat & Poultry Products

-45.4%

Engineering Goods

-42.3%

Gems & Jewelry

-41%

Leather and Leather Products

-36.7%

Plastic and Linoleum

-35.6%

Ready-made Garments

-34.9%

Carpet

-34.7%

Mica, Coal & Other Ores

-34%

Tea

-33.7%

 

India’s Exports in Last 10 Years


India trade data shows the value of export shipments recorded in the last 10 years. See chart and table below and analyze over exports of India in previous years.


Year

Value USD Million

2010

220,408

2011

301,483

2012

289,564

2013

336,611

2014

317,544

2015

263,889

2016

260,963

2017

295,862

2018

323,997

2019

322,786

 

India’s Top 10 Exports in 2019


According to India export statistics, India shipped mineral fuels and oils at 2 digit level HS Code the most in 2019. India’s top 10 exports accounted for more than 60% value to total shipments recorded in 2019. Check the list of top 10 export commodities of India with trade statistics.

 

 

Product

Value USD %

Mineral Fuels & Oils

44,081

Pearls and Precious Stones

36,650

Machinery

21,158

Organic Chemicals

18,296

Vehicles

17,188

Pharma Products

16,124

Electronics

14,672

Iron and Steel

9,665

Not Knitted or Crocheted Apparel & Clothing

8,599

Knitted or Crocheted Apparel & Clothing

7,908

 

The US, UAE, Germany, UK, Singapore, Italy and China are the largest export destinations of India. Now trade is crippled in most of these destinations due to a near collapse of global supply chain even as the cargo movement has stopped.


The dip in numbers are in sync with the projections of the World Trade Organization (WTO), which has stated that world trade is expected to fall between 13% and 32% in 2020 as the novel coronavirus pandemic disrupts normal economic activity and life around the world.


Coronavirus, which originated in China, has affected millions of people around the world and global economies. China has opened lockdown and industries have started as number of cases went down. But now the United States is worst affected and India is also recording increasing number of Covid-19 cases although India has lift some lockdown restrictions. Year 2020 will go that way as no vaccine of coronavirus has built and business around the world will be on slow mode.

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