What is India's current account deficit?

History

Current account balance for the quarter, preliminary. Merchandise trade deficit of US$ 86.1 billion is partly offset by net services receipts of US$ 51.6 billion and personal transfer receipts of US$ 42.9 billion.

The figures side by side

How we got this number

1. Take the headline sentence of the RBI's balance of payments release for the first quarter of 2026-27 (published 1 September 2026): a deficit of US$ 4.2 billion, 0.5% of GDP, against US$ 3.4 billion, 0.4% of GDP, in Q1 2025-26.
2. Read the parts from the same release: merchandise trade deficit US$ 86.1 billion, net services receipts US$ 51.6 billion, personal transfer receipts US$ 42.9 billion.
3. Line it up with earlier quarters from the RBI's releases, using the revised figures where the RBI revised them: US$ 14.1 billion deficit in Q2 and US$ 15.5 billion deficit in Q3 of 2025-26, and a US$ 7.1 billion surplus in Q4 (left out of the chart).

What this number does not tell you

• The Q1 2026-27 figure is preliminary and the RBI revises quarters as customs data comes in: the Q3 2025-26 deficit went from US$ 13.2 billion to US$ 15.5 billion, and Q2 from US$ 12.3 billion to US$ 14.1 billion.
• The history shows deficit quarters only. Q4 2025-26 was a surplus of US$ 7.1 billion, so it is left out of the chart rather than drawn as a negative.
• The RBI also publishes a monthly balance of payments table, which is not shown here; this page follows the quarterly release.

Sources

1. RBI, Developments in India's Balance of Payments, Q1 2026-27, Sep 01, 2026India’s current account deficit stood at US$ 4.2 billion (0.5 per cent of GDP) in Q1:2026-27 as compared to US$ 3.4 billion (0.4 per cent of GDP) in Q1:2025-26 ... Merchandise trade deficit at US$ 86.1 billion in Q1:2026-27 was higher than US$ 68.9 billion in Q1:2025-26. ... Net services receipts increased to US$ 51.6 billion in Q1:2026-27 from US$ 47.9 billion a year ago. ... Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, ... US$ 42.9 billion
2. RBI, Developments in India's Balance of Payments, Q4 2025-26, Jun 08, 2026India’s current account surplus stood at US$ 7.1 billion (0.7 per cent of GDP) in Q4:2025-26 ... Current account deficit for Q3:2025-26 has been revised to US$ 15.5 billion (1.5 per cent of GDP)
3. RBI, Developments in India's Balance of Payments, Q3 2025-26, Mar 02, 2026India’s current account deficit increased to US$ 13.2 billion (1.3 per cent of GDP) in Q3:2025-26 ... The current account deficit for Q2:2025-26 has been revised upwards from US$ 12.3 billion (1.3 per cent of GDP) to US$ 14.1 billion (1.5 per cent of GDP)

Questions people ask

What was India's current account deficit in April–June 2026?

US$ 4.2 billion, or 0.5% of GDP, according to the RBI. A year earlier it was US$ 3.4 billion, or 0.4% of GDP.

Why is India's current account in deficit?

Mainly because India imports more goods than it exports. In Q1 2026-27 the merchandise trade deficit was US$ 86.1 billion, while net services receipts were US$ 51.6 billion and personal transfer receipts US$ 42.9 billion.

Was there ever a surplus recently?

Yes. The RBI reported a current account surplus of US$ 7.1 billion (0.7% of GDP) for January–March 2026.

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This figure is from RBI's own release or a report quoting it. We recheck it quarterly. If you have a newer or better source, send it to us.