India Current Account

India posted a current account deficit of $11.5 billion in the three months to December of 2024, up from a revised $10.4 billion in the same period last year, though slightly below the $12 billion forecast. The merchandise trade deficit widened to $79.2 billion, compared to $71.6 billion a year ago, while the services surplus increased to $51.2 billion, up from $45 billion. Services exports have risen across major categories such as business services, computer services, transportation services and travel services. Meanwhile, the primary income deficit rose to $16.7 billion from $13.1 billion, while the secondary income surplus rose to $33.2 billion from $239.3 billion a year ago. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $35.1 billion from $30.6 billion.