Exports fall for the sixth consecutive month, imports for the tenth month
NEW DELHI: India's exports fell 1.7% in January, the sixth consecutive monthly decline, while imports fell for the tenth consecutive month, raising the trade deficit to a maximum of seven months of $ 15.2 billion .
Data published by the commerce department estimated exports at $ 26.4 billion in January, while imports were set at $ 41.5 billion.
The data showed that this was the first time in almost six months that the rate of contraction of imports was slower than the rate of decline in exports. The decline in exports was visible in most sectors, and 18 of the 30 main segments experienced a contraction in the value of their shipments during the month. Leading the fall were oil flours (43% less), rice (18%) and cashew nuts (13%), while iron ore (jump 114%) and electronics (40%), led by mobile phones, They provided support.
Much of the decline in imports is attributed to lower economic activity.
Economists warned of the adverse impact of coronavirus on trade in the coming months.