NEW DELHI - India’s merchandise exports shrank by more than one-third from a year ago, hit by a fall in global demand and shipments due to the new coronavirus, and analysts warned of a grim outlook for exports in 2020 as global economic activity collapses.
Oil imports, the biggest item in the import bill, fell 15% to $10.01 billion, helped by fall in global crude oil prices and slowdown in domestic demand.Overall in March, India’s trade deficit marginally declined to $9.76 billion from $9.85 billion in the previous month. The ministry does not issue separate data for trade in services. That is issued in about a month’s time by the Reserve Bank of India.
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