Exports dip by 34.57 pc in March; total shipment at USD 314 bn in 2019-20

India's exports dipped by 34.57 per cent to USD 21.41 billion in March, while it declined by 4.78 per cent to USD 314.31 billion for 2019-20.

Trade deficit narrowed to USD 9.76 billion in march this year from USD 11 billion in the same month last year. It was USD 152.88 billion in April-March 2019-20 compared to USD 184 billion in the previous fiscal.

"The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. The latter resulted in large scale disruptions in supply chains and demand resulting in cancellation of orders," the commerce ministry said in statement.

Imports in March dipped by 28.72 per cent to USD 31.16 billion. It contracted by 9.12 per cent to USD 467.19 billion in 2019-20.

India's overall exports, including goods and services combined, in April-March 2019-20 are estimated to be at USD 528.45 billion, showing a negative growth of 1.36 per cent over the same period last year, it said.