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Impact from COVID-19 on India's imports 2020 by commodity

India was greatly affected by the coronavirus (COVID-19) pandemic in various sectors. Intending to get hold of the situation, India announced its first nation-wide lockdown in March, which led to the economic slowdown. Consequently, international trade took a huge hit as well. In June 2020, imported commodities such as gold, coal and petroleum products faced more than 50 percent decline as compared to June 2019. On the other hand, electronic goods were least affected.

India’s economic loss due to COVID-19

The coronavirus (COVID-19) pandemic laid additional stress on the country's already struggling economy. With a GDP growth of just five percent between January and March 2020, a drop of more than nine percent in the next quarter came as a huge blow. The markets reacted differently to the crisis, which was reflected in their growth rate. The automotive market was hit the hardest by the lockdown, as it showed the maximum negative growth. While most industries were shaken to their core, financial, real estate, and professional services were estimated to incur huge losses.

Sudden rise in unemployment

Owing to the lockdown, many Indians found themselves with no work. In May 2020, the unemployment levels reached a new high with more than 27 percent of the country's labor force unemployed. However, the effects within the different parts of society varied. In April 2020, small traders and laborers suffered the most due to the coronavirus, as nearly a hundred million lost their jobs. Contrary to this, the farmers saw an increase in employment.

Impact from the coronavirus (COVID-19) on imports into India in June 2020, by commodity group

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Source

Release date

July 2020

Region

India

Survey time period

June 2020

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