India's merchandise exports shrank by more than one-third from a year ago, hit by a fall in global demand and shipments due to the new coronavirus, and analysts warned of a grim outlook for exports in 2020 as global economic activity collapses. Merchandise exports fell 34.6% to $21.41 billion in March from a year earlier, while imports were down 28.7% to $31.16 billion during the same period, a trade ministry statement said on Wednesday. Oil imports, the biggest item in the import bill, fell 15% to $10.01 billion, helped by fall in global crude oil prices and slowdown in domestic demand.
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