Most of the countries across the globe have imposed either total or partial lockdown to curb the spread of COVID-19. India, currently, is in the second week of its 21-day nationwide lockdown as it aims to break the chain of transmission of the novel coronavirus, officially called SARS-CoV-2.
The pandemic seemed to have delivered a severe blow to the trading sector as imports have come to a sudden halt. Also, the nations that make for India's largest trading partners have also entered the lockdown mode.
India's major trade partners locked down
The United States Of America (USA), which accounts for the maximum 11.28 percent of India's total trade, is currently expanding its partial lockdown as the novel coronavirus outbreak is worsening in the country.
China, from where the fatal virus originated in December last year, has a share of 10.85 percent in India's total trade. The country had imposed one of the strictest lockdowns to combat COVID-19, but as the number of positive cases saw a significant drop in the country recently, China is gradually easing out the restrictions.
In the United Arab Emirates (UAE), the situation is far from normal at the moment. Accounting for 7.50 percent share in India's total trade, the UAE is currently tightening its lockdown.
Saudi Arabia, with 4.19 percent share in India's total trade, is expanding partial lockdown. Germany, currently under total lockdown, holds a 2.67 percent share.
Hong Kong and Iraq, having 3.59 percent and 3.22 percent share respectively, are extending the lockdown.
The rest of India's trade partners, Singapore, South Korea, and Indonesia, have also imposed partial lockdowns to tackle the COVID-19 spread. All three countries have an over 2 percent share in India's total trade.
UNCTAD says India will escape recession
The United Nations Conference On Trade And Development (UNCTAD) recently reported that two-thirds of the world living in developing countries are facing massive economic damage. However, it said that the impending global recession will spare India and China.
"The world economy will go into recession this year with a predicted loss of global income in trillions of dollars. This will spell serious trouble for developing countries, with the likely exception of China and the possible exception of India," said UNCTAD.