For the first time in a decade, India clocked a surplus in its merchandise trade, exporting $0.79 billion more than it had imported in June. Imports experienced a steeper drop than exports, which continued to decline during the ongoing pandemic, as per Ministry of Commerce and Industry data. “This is the first time in the last decade that India is a net exporter,” stated the Ministry. India’s goods exports declined 12.41 per cent 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 goods and gems and jewellery. Imports, on the other hand, declined 47.59 per cent to $21.11 billion from $40.29 billion over the same period. Imports of petroleum, crude and their products dropped 55.29 per cent to $4.93 billion from $11.03 billion. Exports of commodities like gems and jewellery dropped 50.06 per cent, and readymade garments of all textiles around 34.84 per cent.
