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Motilal Oswal Report
India's current account balance stood at $23 billion (or 2.7% of gross domestic product) in Q3 FY22, higher than $10 billion (or 1.3% of GDP) in Q2 FY22. It implies a current account deficit of $26.5 billion (or 1.2% of GDP) in nine months-FY22 as compared to a surplus of $32.1 billion (or 1.7% of GDP) in 9MFY21.
Wider current account deficit was on account of larger merchandise trade deficit, which stood at 7.2% of GDP (or $60.4 billion), after a deficit of 5.9% of GDP (or $44.5 billion) in Q2 FY22. Higher imports (up 52% YoY in Q3 FY22) vis-a-vis exports (up 41% YoY) led to a wider merchandise deficit.
Excluding petroleum products, India had a current account surplus of 0.8% of GDP, lower than 2.2% of GDP in Q2 FY22. Excluding gold, India had a current account deficit of 1.1% of GDP in Q2 FY22.
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