There are two reasons behind the 21.5% fall in exports to $125 billion during the first half of this fiscal year. This led to Indian exports’ demand imploding in these countries. Even where there was demand, production had to be stopped because of the lockdown, leading to lower exports. During the first half of this fiscal year, imports contracted by 40.1% to $148.5 billion. For instance, oil imports contracted by 51.1% to $31.8 billion.

Source: Mint October 18, 2020 15:11 UTC