India Current Account1949-2020 Data | 2021-2023 Forecast | Calendar | Historical

India recorded a current account deficit of USD 1.7 billion in the last three months of 2020, equivalent to 0.2 percent of the GDP. It is the first gap after three consecutive quarter of surplus, mainly due to a wider merchandise goods gap (USD -34.5 billion from USD -14.8 billion in the preceding quarter), and an increase in net investment income payments. On the other hand, the services surplus increased to USD 23.6 billion amid higher export earnings from computer services. For the first nine months of the current financial year (April to December), the current account showed a surplus equivalent to 1.7 period of GDP versus a 1.2 percent deficit in same period last year

India posted a USD 15.5 billion surplus in July-September 2020, or 2.4 percent of GDP, compared to a USD 7.6 billion deficit in the same period last year. It also compared to a USD 19.8 billion surplus recorded in the previous three-month period, the largest on record. The services surplus widened to USD 21.2 billion from USD 20.9 billion a year ago, while the goods deficit shrank to USD 14.8 billion from USD 39.6 billion. Meanwhile, the secondary income surplus fell to USD 18.4 billion from USD 20.0 billion and the primary income gap increased to USD 9.3 billion from USD 8.8 billion.

India posted a USD 19.8 billion surplus in April-June 2020, or 3.9 percent of GDP, compared to a USD 15.0 billion deficit in the same period last year. That was the largest current account surplus since records began in 1949 due to a sharp contraction in the trade deficit to USD 10.0 billion from USD 46.8 billion last year, as imports fell more than exports amid the coronavirus crisis. The services surplus increased to USD 20.5 billion from USD 20.1 billion, while the secondary income surplus declined to USD 17.0 billion from USD 18.0 billion. Meanwhile, the primary income deficit widened to USD 7.7 billion from USD 6.3 billion.

India current account posted a USD 0.6 billion surplus in the first quarter of 2020, compared to a USD 4.6 billion deficit a year earlier, and equivalent to 0.1 percent of the GDP. It is the first current account surplus since the first quarter of 2009, mainly due to a lower trade deficit on goods (USD -35 billion vs USD -35.2 billion) and a smaller primary income gap (USD -4.8 billion vs USD -6.9 billion). Also, the services surplus narrowed to USD 22 billion from USD 21.3 billion and the secondary income surplus went up to USD 18.4 billion from USD 16.2 billion. Services receipts increased due to net earnings from computer and travel services and private transfer receipts, mainly representing remittances by Indians employed overseas, increased to USD 20.6 billion, up by 14.8 percent from their level a year ago. Considering the 2019/2020 fiscal year (April 2019 to March 2020), India current account gap narrowed to 0.9 percent of the GDP from 2.1 percent.