Indian Foreign Trade Deficit during COVID-19
| Case Code: ECON098 Case Length: 9 Pages Period: 2019-20 & 2020-21 Pub Date: 2021 Teaching Note: Available |
Price: Rs.300 Organization : - Industry :- Countries : India Themes: Macroeconomic Environment/ International Trade |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In February 2021, India’s exports registered a 0.67% year-on-year increase to US$27.93 billion while imports grew 6.96% year-on-year to US$40.54 billion, India’s trade suffered due to the country-wide lockdown that began on March 25, 2020, to contain the spread of the COVID-19 virus. The Indian economy was also hit hard by the pandemic-driven global economic crisis. During the financial year 2019-20, the country’s exports fell 4.8% year-over-year to US$314.3 billion while imports declined 9.1% year-over-year to US$467.2 billion, leading to a trade deficit of US$152.9 billion. In March 2020, India’s merchandise exports slumped 34.22% to US$21.41 billion while imports declined 28.26% to US$31.16 billion compared to the same month the previous year as countries sealed their borders to combat the COVID-19 outbreak. Sharad Kumar Saraf (Saraf), president, Federation of Indian Export Organizations (FIEO), said India’s trade was severely impacted due to cancellation of over 50% of orders, a gloomy forecast, major job losses, and growing bad loans among exporting houses..
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