NEW DELHI: The government is hoping to narrow the current account deficit (CAD) due to a continued increase in services exports, which rose over 40% to $28.6 billion in October, according to official data.
Services imports increased at around the same pace to $16.3 billion in October, resulting in a trade surplus of $12.3 billion, compared with $8.8 billion in the year-ago period.
India has traditionally had a trade surplus on the services front, which has helped narrow the overall trade deficit. What is providing confidence to the government is a pick-up in services exports at a time when merchandise exports are slowing down. During the first half of the current financial year, services exports have increased 31% to $181.4 billion, while imports were up 37% at over $106 billion.
Services imports increased at around the same pace to $16.3 billion in October, resulting in a trade surplus of $12.3 billion, compared with $8.8 billion in the year-ago period.
India has traditionally had a trade surplus on the services front, which has helped narrow the overall trade deficit. What is providing confidence to the government is a pick-up in services exports at a time when merchandise exports are slowing down. During the first half of the current financial year, services exports have increased 31% to $181.4 billion, while imports were up 37% at over $106 billion.
