Exports are likely to improve in May, with the contraction expected to be 30-3
Exports are likely to improve in May, with the contraction expected to be 30-35 per cent, said Commerce and Industry Minister Piyush Goyal on Thursday, after outbound shipments crashed by a record 60 per cent in April.
Addressing the Digital Summit on Exports organised by the Confederation of Indian Industry (CII), Goyal said he expects the fall in exports to narrow to 8-10 per cent in June.
Exports had shrunk by a record 60.28 per cent in April and 34.5 per cent in March. The nationwide lockdown shut down manufacturing units for 20 days in April, but experts had pointed to the March figures as clear evidence of growing stress in the sector given that units were open till 25 March.
In April, 28 of the 30 major product groups saw the highest-ever double-digit contraction of up to 99 per cent. Even large quantities of petroleum products could not push value-wise exports as international prices were at rock bottom….