Current account swings to $5.7 bn surplus in Q4FY24

DRIVEN by a sharper fall in imports and a marginal fall in exports helped the economy narrow trade deficit, which along with robust services exports helped it report a current account surplus of $5.7 billion or 0.6% of GDP in the fourth quarter of the fiscal 2024 frist time in 10 quarters, compared to a deficit of $1.3 billion or 0.2% in the year-ago quarter, according to the latest RBI data.

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In the December 2023 quarter, the current account deficit stood at $8.7 billion or 1% of GDP, show the latest data.

The current account logged a surplus in the March quarter largely due to higher services, the Reserve Bank said on Monday. The current account surplus stood at $5.7 billion in the fourth reporting quarter as against a deficit of $8.7 billion or 1 percent of GDP in the preceding quarter.