- April-June shortfall at $6.2b vs $1.3b in previous quarter
- Indian exports have fallen for eight months through July
India’s current-account deficit widened more than estimated as weak global demand dragged down the nation’s exports.
The shortfall in the broadest measure of trade was $6.2 billion in April to June, widening from $1.3 billion in the previous quarter, the Reserve Bank of India said in statement on Friday. The median of 19 estimates in a Bloomberg survey of economists had predicted a $5.5 billion gap.
Indian exports fell for an eighth straight month through July amid concerns that China’s slowdown will jeopardize global growth. The central bank forecasts the deficit will stay below 1.5 percent of gross domestic product in the year through March 2016, compared with 1.2 percent in the April-June period. Holding the deficit at sustainable levels hinges on an export turnaround, the RBI said.