India posts first trade surplus in 18 years as coronavirus hits imports

India posted a trade surplus of $790 million in June, its 1st in about 18 a long time, with imports plunging as the coronavirus pandemic strike domestic desire for crude oil, gold and other industrial products, authorities data confirmed on Wednesday.

Products imports contracted forty seven.fifty nine per cent in June to $21.eleven billion from a 12 months ago, even though exports fell twelve.41 per cent to $21.ninety one billion, main to a marginal trade surplus, data introduced by the Ministry of Commerce and Marketplace confirmed.

India previous posted a trade surplus – of $10 million – in January 2002, in accordance to Refinitiv data.