Impact from COVID-19 on India's exports 2021, by commodity

Petroleum products were the most affected commodities in terms of exports from India, with a decline of about 32 percent in January 2021, compared to the same month in the previous year. Other cereals and oil meals witnessed a highly positive change rate.

Global economic impact

The outbreak of COVID-19 caused a massive economic recession, with six out of the seven largest economies showing a massive GDP loss in the third quarter of 2020. A slump in demand and changing consumption patterns shook international trade worldwide. Since March 2020, lockdowns became a global necessity, and the Indian subcontinent was no exception, announcing its first nation-wide lockdown by the end of March. Aimed at getting hold of the infectious chains, the lockdown resulted in a massive decrease in mobility, but also meant that livelihoods were disproportionately impacted. This was especially true for those with daily or hourly wages across the country.

COVID-19 impact on different sectors

Reduced mobility and the unavailability of resources, due to restricted borders caused significant challenges to traditional retailers. The automotive industry, in particular, emerged as one of the worst impacted industries. Simultaneously, petroleum consumption decreased. Other industries such as healthcare or fast-moving consumer goods, were less affected due to their indispensability and local shopper clientele. E-commerce experienced a long-lasting benefit from the pandemic, as most online purchasers consider e-retail as a post-pandemic option.