India's Current Account Deficit Narrows Sharply in Q2 2023 on Lower Trade Gap, Robust Services Surplus
• India's current account deficit narrowed to $8.3 billion (1.0% of GDP) in Jul-Sep 2023, down from $30.9 billion (3.8% of GDP) in Jul-Sep 2022
• Merchandise trade deficit narrowed to $61.0 billion in Jul-Sep 2023 from $78.3 billion in Jul-Sep 2022
• Services trade surplus rose to $40.0 billion in Jul-Sep 2023, up 4.2% versus last year
• Workers' remittances moderated to $14.6 billion in Jul-Sep 2023, down 10% year-on-year
• For first half of 2023-24, current account deficit more than halved to $17.5 billion (1.0% of GDP) from $48.8 billion (2.9% of GDP) in first half of 2022-23