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India Posts First Trade Surplus in 18 Years as Coronavirus Hits Imports

Image for representation. (Reuters)

Image for representation. (Reuters)

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry showed.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic hit domestic demand for crude oil, gold and other industrial products, government data showed on Wednesday.

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry showed.

India last posted a trade surplus - of $10 million - in January 2002, according to Refinitiv data.
first published:July 15, 2020, 18:55 IST