India's Trade Deficit Narrows as Exports Rise and Oil Imports Fall
- Current account deficit shrank to $8.3 billion (1% of GDP) in Q2 FY24, down from $30.8 billion (3.8% of GDP) a year ago
- Improvement driven by reduced goods trade deficit ($61 billion in FY24 vs $78.3 billion in FY23)
- Petroleum trade deficit fell from -$29.5 billion to -$17.9 billion
- Services sector saw robust growth, with net surplus rising to $40 billion from $34.4 billion
- Secondary income increased significantly to $25 billion surplus