India’s Q1 trade surplus at $19.8 billion

September 30, 2020

After the COVID-19 pandemic triggered crisis cut down the internal demand and energy consumption, India has been recording a respite from its current account deficit story. As of Q1FY21, India posted a current account surplus in on the back of lower trade deficit, official data showed on Wednesday.

According to Reserve Bank of India’s data on India’s Balance of Payments (BoP), a year-on-year basis the Q1FY21 surplus stood at $19.8 billion from a deficit of $15 billion reported for the corresponding period of the previous fiscal.

“India’s current account balance (CAB) recorded a surplus of $19.8 billion (3.9 per cent of GDP) in Q1 of 2020-21 on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter, i.e., Q4 of 2019-20; a deficit of $15 billion (2.1 per cent of GDP) was recorded a year ago,” the Reserve Bank said in its statement on developments in India’s Q1FY21 BoP.

“The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to $10 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis.”

Also Read: Trump paid more in taxes to India than to US in 2017

Also Read: Amnesty Halts India Operations

Previous Story

UAE chairs GCC-Russia meeting

Next Story

Sky is the limit for little Maths Wiz – Neev Lukhi

Latest from Economy

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units