The Indian economy is expected to record its first monthly trade surplus in 18 years, as preliminary data produced by the Department of Commerce suggest that exports outpaced imports by approximately $786 million in June, the Times of India newspaper reports on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 07th July, 2020) The Indian economy is expected to record its first monthly trade surplus in 18 years, as preliminary data produced by the Department of Commerce suggest that exports outpaced imports by approximately $786 million in June, the Times of India newspaper reports on Tuesday.
This dynamic has been caused by a rapid rise in Indian exports in connection with the reopening of the country's economy, the newspaper said, citing Commerce and Industry Minister Piyush Goyal who on Friday said that exports had reached 88 percent of the June 2019 level.
At the same time, India's imports are still sluggish and remain 49 percent down compared to previous levels, with this contraction concentrated in the import of gold, precious stones, and silver, the newspaper stated, citing department data.
The Indian economy recorded a $3.1 billion trade deficit in May, which itself was a drop from the $6.8 billion deficit registered in April.
Many Indian citizens have returned to work despite a surge in COVID-19 cases, as the government looks to resume economic activity. Public health officials in India have registered 719,665 cases of the disease since the start of the outbreak, with more than 22,200 new positive tests being reported on Tuesday.
