Posted: Jul 16, 2020 03:14:24
For the first time in a decade, India posted a surplus in its merchandise trade, exporting $ 0.79 billion more than it imported in June. Imports fell more sharply than exports, which continued to decline during the current pandemic, according to data from the Ministry of Commerce and Industry.
"It is the first time in the past decade that India has been a net exporter," the ministry said.
Risk for industrial activity
The sharp drop in imports of goods used in the manufacturing sector could affect industrial activity here.
Merchandise exports from India fell 12.41% to $ 21.91 billion in June from $ 25.01 billion in the same period last year due to a drop in shipments of major commodities like engineering products and precious stones and jewelry. In contrast, imports fell 47.59% to $ 21.11 billion from $ 40.29 billion for the same period.
Imports of petroleum, crude oil and their products fell 55.29% from $ 11.03 billion to $ 4.93 billion. Exports of commodities like precious stones and jewelry fell by 50.06%, and made-up clothing of all textiles by around 34.84%.
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