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Trade deficit in Jan dips as imports fall more than exports
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Icra Ltd expects India’s monthly trade deficit to stand at about $20 billion–$25 billion in the remaining months of FY24, resulting in a current account deficit of around 2.5% of GDP in Q3 and 1.7% of GDP in Q4FY24. “The exports dipping by 5% and imports dropping by 7% in first 10 months of the fiscal is largely an outcome of global slowdown and drop in commodity prices as well.
Much of the export decline is attributed to petroleum goods, chemicals, gems and jewellery and flat growth in engineering goods: all reflecting drop in the commodity prices as well," Sahai added. During the April-January 2023-24 period, India’s top export destinations were Australia, Singapore, United Kingdom, China, UAE, Netherlands, and Saudi Arab.
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