Trade surplus reached after 18-year hiatus in India

For the first time in 18 years, India recorded a surplus in foreign trade by the end of June amounted to about $786 million. This was announced on July 7 by the Ministry of Trade of India. It is noted that the June surplus arose as a result of an outstripping drop in the level of imports to the country, which reached 49%, against the background of a slowing 12% rate of export reduction. As a result, in June, for the first time in 18 years, the volume of Indian exports of $21.9 billion exceeded the volume of imports of $21.1 billion. Recall that India last had a positive foreign trade balance in January 2002. Its value then reached $10 million. According to the ministry, the slowdown in the pace of export reduction was influenced by the gradual return of Indian industries to normal activities after the phased abolition of restrictions imposed by the coronavirus pandemic in the country. According to the news agency, the number of confirmed cases of SARS-CoV-2 coronavirus infection in India exceeded the mark of 700 thousand and reached 719,665. Over the past day, 22.2 thousand cases of infection with a new coronavirus and 467 fatalities among people with COVD-19 were recorded in the country.