(Bloomberg) -- India's trade deficit narrowed in March from a year earlier as a nationwide lockdown to contain the spread of coronavirus restricted movement of goods.
The gap between exports and imports was $9.76 billion last month against $11 billion deficit a year ago, according to data released by the Commerce Ministry on Wednesday. The shortfall was $9.85 billion in February and compares with the median estimate of $7 billion in a Bloomberg survey of 21 economists.
Read: Modi Extends India Lockdown as Coronavirus Fight Intensifies
Key Insights
- Imports fell 28.7% from a year ago to $31.2 billion, compared with a 2.5% increase in February, while exports declined 34.6% to $21.4 billion, against a 2.9% rise in the previous month
- Lockdowns in several parts of the world to prevent the spread of coronavirus have affected supply chains, as well as demand. The pandemic could cause a deeper collapse of international trade flows than at any point in the postwar era, the World Trade Organization said last week. It predicted a 13% drop in global goods' trade this year
- The virus would impact economic activity in India directly due to lockdowns, and through second round effects operating through global trade and growth, the nation's central bank said earlier
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- Oil imports fell 15% from a year earlier to $10 billion as crude lost about two-thirds of its value this year after an all-out price-war among the world's biggest producers
- India's exports for year ended March 31 was $314.3 billion, down 4.78% from a year ago
- Imports for year ended March 2020 was $467.2 billion, down 9.12% year-on-year
- To read the full statement on trade numbers, click here
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