India's services trade surplus shot up to a record $44.9 bilI cent quarter (third quarter, or Q3) of 2023-24 (FY24), growing 16 per year-on-year, showing resilience amid strong global headwinds.This is likely to reduce the current account deficit (CAD) in Q3.
According to the Reserve Bank of India (RBI) data, services exports grew 5.2 percent to $87.7 billion during Q3, while services imports contracted 4.3 percent to $42.8 billion during the same period.
India's CAD moderated to 1 percent of gross domestic product (GDP) in the first half (April-September) of FY24 from 2.9 percent of GDP during the same period of 2022-23 (FY23), on the back of a lower merchandise trade deficit and higher net services receipts.
Fitch Ratings has projected CAD to narrow to 1.4 percent of GDP in FY24 and 2024-25 from 2 percent of GDP in FY23.
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