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Covid-19: India in trade surplus for first time in 18 years

Jul 16, 2020 11:06 IST

For the first time in over 18 years, India has posted a trade surplus in June with imports plunging as the coronavirus pandemic hit domestic demand for crude oil, gold and other industrial products. Merchandise imports contracted 48% year-on-year in June to $21.11 billion, while exports fell 12% to $21.91 billion, leading to a marginal trade surplus of $790 million, data released by the Ministry of Commerce and Industry showed. India last posted a trade surplus - of $10 million - in January 2002, according to data by Refinitiv, provider of financial market data and infrastructure.

Economy