India Logs Trade Surplus For First Time In A Decade

India's merchandise trade balance swung to a surplus in June, the first in the last decade, as imports plummeted amid weak demand and supply disruptions due to the coronavirus, or Covid-19, pandemic, data from the Ministry of Commerce & Industry showed on Wednesday. Contracting for the fourth straight month, India's exports declined by 12.41 per cent to USD 21.91 billion in June mainly due to drop in shipments of petroleum, textiles, engineering goods, and gems and jewellery items. Imports too plunged 47.59 per cent to USD 21.11 billion in June, leaving a trade surplus of USD 0.79 billion, compared to a deficit of USD 15.28 billion in the same month of the last year, according to the data released by the Commerce and Industry Ministry on Wednesday.

During April-June 2020, exports fell by 36.71 per cent to USD 51.32 billion, while imports shrank by 52.43 per cent to USD 60.44 billion. The trade deficit stood at USD 9.12 billion during the two months of the current fiscal. Oil imports dipped 55.29 per cent to USD 4.93 billion in June. Gold imports in June plunged by 77.42 per cent to USD 608.7 million.

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