India posts first trade surplus in 18 years as coronavirus hits imports

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic hit domestic demand for crude oil, gold and other industrial products, government data showed on Wednesday.

Merchandise imports contracted 47.59 per cent in June to $21.11 billion from a year ago, while exports fell 12.41 per cent to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry showed.

India last posted a trade surplus - of $10 million - in January 2002, according to Refinitiv data.