India's Q3 current account deficit fell to $10.5bn (1.2% of GDP) from $16.8bn a year ago, as services exports grew 5.2%.
India's current account deficit (CAD) fell to $10.5 billion in Q3, or 1.2% of the GDP, compared to $16.8 billion a year ago, according to the Reserve Bank of India (RBI). The merchandise trade deficit stood at $71.6 billion, slightly higher than the previous year's Q3. Services exports grew by 5.2% year-on-year, driven by rising exports of software, business, and travel services, with net service receipts increasing both sequentially and from a year ago, helping to cushion the current account deficit.
March 26, 2024
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