India current account gap seen smaller on narrower trade deficit, record service surplus
India's merchandise trade deficit dropped to a 12-month low of $17.7 billion in January, while the services trade surplus rose to an all-time high of $16.5 billion last month. The sizeable decline in the trade deficit was fuelled by a 15.8% month-on-month slump in imports, mainly of oil, while overall exports dropped 13.4% on-month
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