https://padlet.com/aditibasu1/vnw609auwr33krnk en-us 2020-07-22 09:25:03 UTC 2024-11-08 02:23:20 UTC hello@padlet.com aditibasu1 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659994297 https://www.timesnownews.com/business-economy/economy/article/india-turns-net-exporter-for-first-time-in-almost-two-decades-records-trade-surplus-in-june/622084]]> 2020-07-22 09:25:10 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659994297 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659997725 India has managed to keep a surplus as India is importing much lesser compared to last year for ie crude oil imports have fallen almost by 55% alongside us importing lesser we have also exported a lot in the areas including pharmaceuticals, chemicals and food and vegetables and rice.
Source:https://www.livemint.com/industry/manufacturing/india-s-trade-balance-turns-surplus-in-june-11594818105997.html]]> 2020-07-22 09:33:42 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659997725 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659999057 India has managed to keep a surplus in its BOP because even though it was under lock down as it has started exporting more goods out of the market. for example the tea prices have gone up which would be able to barely sustain the tea industry due to its high production costs. This will limit the exports going out of Dehli and with the rival countries like Kenya, its sales are going down.  On the contrary India's exports have gone down by 12.4 %, while it's imports have gone down by 47.6 %. Also in comparison to last year India's crude oil imports have gone down by roughly 55 %. India has also started manufacturing and exporting more pharmaceutical products in hope of putting an end to Covid-19 causing it's BOP to go up.

Sources;
https://www.livemint.com/news/india/indian-tea-prices-jump-to-record-as-floods-covid-19-slash-output-11595409229730.html

https://www.livemint.com/industry/manufacturing/india-s-trade-balance-turns-surplus-in-june-11594818105997.html]]> 2020-07-22 09:37:40 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659999057 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659999110 Due to the lockdown, India has fewer imports and there has been a sharp decline in prices of crude oil and experienced lower demand for gold imports. This has contributed to the BOP surplus. Due to the lower crude oil prices as compared to last year, India spent less on crude oil. The lower demand for gold meant that India did not have to import and purchase gold, therefore, improving the surplus. Along with lesser spending on imports, India saw a rise in its exports by the pharmaceutical industry. There were lower imports as compared to exports, thus, improve Indias BOP. Exports contracted by 12.4% whereas imports contracted by 47.6%, leading to a surplus.
https://www.livemint.com/news/india/india-s-current-account-balance-may-turn-surplus-in-june-quarter-finmin-11592740061375.html]]> 2020-07-22 09:37:48 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/659999110 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660002164 Due to the coronavirus pandemic lockdown, there was a sharp decline in the sales of goods and services, which included imported consumer goods and more importantly curude oil. This weak demand had contributed to the trade surplus. This, combined with the rise in exports of the goods produced by the pharmaceutical industry in India, resulted in a surplus in the BOP of the economy. Exports decreased by around 12% but imports decreased by around a whopping 48%. The effect that this had was a trade surplus of $790m.]]> 2020-07-22 09:47:31 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660002164 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660002541 India saw a decrease in exports of 12.4% and a decrease in imports of 47.6%. The cumulative effect of this was a trade surplus of $790 million.
Exports can be analysed in two categorise: petroleum and non-petroleum.
The global demand for petroleum products has been hit in a big way due to the Covid-19 pandemic. In April 2020, the non-petroleum exports had fallen by 59.3% over April 2019. Remarkable for June exports was that the non-petroleum category bounced back to only 10.1% contraction over the last year.
India's imports of crude oil and petroleum products fell 55.3%. The biggest percentage fall in imports was for the gold and silver category, which shrunk by 76%. Since households focused on savings and social occasions such as marriages and festivals became austere, the shrinking of this import category was natural. 
https://www.hindustantimes.com/analysis/disentangling-india-s-trade-surplus/story-giOg4uynVrzwDHi0xlh8kK.html
https://economictimes.indiatimes.com/news/economy/foreign-trade/gold-imports-dip-94-pc-in-april-june-to-usd-688-million-narrows-indias-trade-deficit/articleshow/77050217.cms]]> 2020-07-22 09:48:30 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660002541 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660003116
India has managed to keep a surplus as India is importing much lesser compared to last year for ie crude oil imports have fallen almost by 55% alongside us importing lesser we have also exported a lot in the areas including pharmaceuticals, chemicals and food and vegetables and rice.For this reason India has seen a positive BOP in a long time.Due to this our currency is getting stronger and the value of the rupee is rising. For eg USD to INR at the start of April was 77.2 rupees for $1 whereas now it is 74.6 rupees for $1
Source:https://www.livemint.com/industry/manufacturing/india-s-trade-balance-turns-surplus-in-june-11594818105997.html]]> 2020-07-22 09:50:23 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660003116 https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660004104 Oil is one of the major substances that India imports. With a total lock down going on in India, the demand for oil has drastically fallen, hence the oil imports have decreased. Growth in US and European markets is the key to increase in exports in India, as they contribute to 30% of India's overall shipment overseas. The rupee has appreciated over 8% since the August all-time low of 68.85/$, since the rupee is weaker than dollar and pound, people are importing Indian goods, which has increased exports. This has caused a trade surplus.
https://www.financialexpress.com/economy/indias-oil-imports-to-significantly-fall-this-year-heres-how-much-money-govt-will-save/1984974/
https://www.business-standard.com/article/economy-policy/5-factors-helping-indian-exports-113111200073_1.html]]> 2020-07-22 09:53:25 UTC https://padlet.com/aditibasu1/vnw609auwr33krnk/wish/660004104