CAD widens marginally on widening trade deficit
current account deficit widened marginally to 1.1 percent of GDP in the June quarter compared to 1 percent of GDP in the same period a year ago due to widening trade deficit according to the figures released by the Reserve Bank of India.
Overall balance of payments ended in a lower surplus of $5.2 billion compared to $24 billion in the previous comparable quarter as capital flows slowed during the quarter.
Current account which record the country's imports and exports of goods and services ended in a deficit of $ 9.7 billion or 1.1 per cent of GDP for the quarter ended June 2024-25 compared to $ 8.9 billion or1.0 percent of GDP in June 2023 quarter and against a surplus of $ 4.6 billion or 0.5 per cent of GDP in the March 2024 quarter.
The central bank said that the widening of trade deficit was primarily due to a rise in merchandise trade deficit to $ 65.1 billion during the quarter from $ 56.7 billion a year ago.
Net services receipts increased to $ 39.7 billion in the June quarter from $ 35.1 billion a year ago. Services exports have risen across major categories such as computer services, business services, travel services and transportation services, RBI said.
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