INDIA'S FOREIGN TRADE is likely to push the country's gross domestic product (GDP) growth by about 0.3-0.4 percentage points (pps) in Q4FY24, after being a drag for three consecutive quarters, economists reckon.
"For the first time this fiscal, we anticipate foreign trade to contribute positively to the March quarter's GDP, with exports of goods and services being valued higher than the imports," said a note by the Centre of Monitoring Indian Economy (CMIE).
In Q1, Q2 and Q3 of the current fiscal, net exports contribution to GDP growth was (-)5.5 pps,(-)1.8 pps and ()1.2 pps, respectively.
Typically, India maintains a merchandise trade deficit, while services trade is in surplus. On a net basis, the country's foreign trade in both goods and services turn out to be surplus in some quarters and deficit in others.
Inflation and the value of the rupee are key determinants too.
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