Impact of Covid-19 on Import-Export
Volume III, Issue III, 2020
As the pandemic has made lives worse for everyone, one of the most impacted areas remain the economy of nations, which is adversely affected after lockdowns have been imposed by different nations. Already there has been a downfall in GDP of India, trade is seeing a fall of 12-32% till now. As there has no treatment yet found for Coronavirus, people are scared to come out of their homes and start working, it would definitely make the situations worse as no escape can be seen till now.
It cannot be denied that international trade is one the most impacted sector, export and imports between nations has become a tough task also many are demotivating it because of the spread of virus. The loss caused to economy can become irreparable if proper measures are not taken considering the economy.
Government has introduced measures for MSME industries, cargo movement, foreign trade policies and domestic industries. The article would discuss about the sectors which will be impacted by COVID-19, trade relations of CHINA-INDIA, changes made in foreign trade policy in benefit of importer and exporter and finally concluding with possible suggestions.
Keywords-COVID-19, Export, Import, Foreign Trade, International Trade