Macro Updates
India’s trade deficit narrowed to $17.43 billion, 13 month low, as imports declined by 8.2% and exports slowed by 8.8% Y-o-Y. This bespeaks of declining domestic and global demand as central banks continue with monetary tightening to deal with price pressures. Meanwhile, service exports registered robust growth of 36.9%, which should enable some moderation in the current account deficit.
March 16, 2023