India’s current account deficit more than doubles to $7 billion in July as trade gap expands
India's current account deficit grew to seven billion dollars in July. This widening gap occurred as merchandise imports outpaced exports significantly. The goods trade deficit reached one hundred seventeen point eight billion dollars. Services exports improved, and transfer receipts also saw an increase. These factors combined to widen the overall deficit.
India's current account deficit more than doubled in July to $7 billion, driven by a larger trade gap, according to preliminary data from the Reserve Bank of India. The deficit widened as merchandise imports surged faster than exports, pushing the goods trade deficit to $117.8 billion for the first four months of the financial year.
Despite an improvement in net services exports and higher transfer receipts, the overall deficit widened to $11.2 billion for the April-July period, compared to $6.6 billion in the same period last year.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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