To reduce the trade surplus failed due to a sharp reduction in imports due to a coronavirus.
Indian trade for the first time in 18 years reached a positive balance. As pesetas with reference to the Ministry of Commerce of the country, in June it was about 786 million dollars.
“According to Ministry’s estimates, the surplus in June, led slowdown on the 12% rate of decline in exports, while imports last month fell to 49%. As a result, the volume of Indian imports amounted in June to 21.1 billion dollars, and export — by 21.9 billion dollars”, — stated in the message.
Last surplus in the trade of India was recorded in January 2002 with a surplus of $ 10 million.
It is noted that the rate of decline in exports slowed in connection with the return sectors of the Indian industry to normal activity after the gradual abolition in the country restrictions due to pandemic coronavirus. 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, fabrics and precious metals.
In June, India has reduced oil imports by 55% compared to the previous month.
Note that recently India has become the third largest in the world in the number of people infected with coronavirus. Now the country has more than 722 thousand cases, more than 440 thousand recovered and 20 thousand died.