Current account deficit narrows to $13.4 billion, ahead of war in Ukraine

Current account deficit narrows to $13.4 billion, ahead of war in Ukraine

India’s current account deficit narrowed to $13.4 billion

Mumbai:

India’s current account deficit narrowed sequentially in the three months from January to March, mainly due to a moderation in the trade deficit and lower net primary income outflows, it said. the Reserve Bank of India on Wednesday.

The current account deficit stood at $13.4 billion or 1.5% of GDP in the fourth quarter of FY2021-22, from $22.2 billion or 2.6% of GDP in the quarter previous from October to December.

The deficit stood at $8.1 billion in the same quarter a year ago, the statement said.

Current account deficit occurs when the value of imported goods and services and other payments exceeds the value of exports of goods and services and other receipts by a country during a given period.

The trade deficit widened to $189.5 billion in 2021-22 from $102.2 billion a year ago, leading to a drop in the number seen as a key representation of the external strength of a country, the RBI said.

Balance of payments data suggests imports of goods rose to $618.6 billion in 2021-22 from $398.5 billion a year ago, leading to a widening trade deficit.

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