India Has Reached A Trade Surplus For The First Time In 18 Years
India reached a trade surplus of about $786 million in June for the first time in 18 years, according to the Indian Ministry of Commerce.
According to the Agency's estimates, the surplus in June was caused by a 12% slowdown in the rate of decline in exports, while the level of imports fell by 49% last month. As a result, Indian imports totaled $21.1 billion in June, while exports totaled $21.9 billion.
The last time India had a trade surplus was in January 2002, with a surplus of $10 million.
The pace of export decline has slowed as Indian industries have returned to normal operations after restrictions were phased out in the country due to the coronavirus pandemic. It is possible to increase the export of certain goods, in particular iron ore and food products.
At the same time, in June, India continued to reduce imports of transport equipment, chemicals, steel, consumer electronics, cotton, textiles, and precious metals. In June, India reduced oil imports by 55% compared to the previous month.