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Fall in Exports
Why is it in news?
- As per the data for October 2020, India’s merchandise exports slid back into contraction mode.
- The contraction has been reported in October, after the expansion of 6% in September.
- The preliminary data is released by the Commerce and Industry Ministry.
Details
- The global trade continued to face headwinds from the COVID-19 pandemic.
- Outbound shipments declined 5.4% from a year earlier to $24.82 billion.
- Imports of goods declined by 11.5% last month.
- The trade data shows the recovery is uneven and fragile as exports declined both sequentially and year-on-year.
- The decline has pointed to a sluggish global recovery.
- The continuous decline in non-oil, non-gold imports are pointing towards very weak domestic demand.