Exports plunge by record 60.28%in April; trade deficit lowest in 4 years

Contracting for the second straight month, India’s exports shrank by a record 60.28 per cent in April to $10.36 billion, mainly on account of the coronavirus lockdown, official data showed on Friday. Imports too plunged by 58.65 per cent to $17.12 billion in April, leaving a trade deficit of $6.76 billion as against $15.33 billion in April 2019, according to the data by the commerce and industry ministry.