INSUBCONTINENT EXCLUSIVE:
services, pushing exports to a 10-year low
Economists polled by Reuters had forecast the trade gap increasing to $49.0 billion in April
Global lockdowns to slow the spread of COVID-19 have severely disrupted the movement of goods and services between countries, leading to
sharp contractions in economic activity
Exports of motor vehicles and parts fell to $3.8 billion, the lowest since March 1992
Shipments of consumer goods dropped to $10.4 billion, the lowest since April 2006.Travel restrictions weighed on exports of services, which
resulted in the surplus on the services account narrowing to $22.4 billion, the smallest since December 2016.Imports dropped a record 13.7
waged a trade war with China
A sharp reduction in crude oil imports has also been a factor, with the United States becoming an oil exporter last year
The country posted a record $3.2 billion petroleum surplus in April.In April, imports of automotive vehicles, parts, and engines dropped to
$13.3 billion, the lowest since July 2009
Consumer goods imports fell to $43.8 billion, the lowest since August 2013
Petroleum imports declined to $6.1 billion, the lowest since June 1999.(This story has not been edited by TheIndianSubcontinent staff and is
auto-generated from a syndicated feed.)
