SPU:48Q1HFA2RA291 Pants Length:Long Edition type:Tight Waistlines:High Waist Elasticity:High Elasticity Pants type:Bell-Bottomtrousers Silhouette:S-Line Thickness:Lightweight Size Type:Regular Size Material:Polyester Activity:Daily Pattern:Color Block Style:Y2k Theme:All Season Color:Black Size:S,M,L,XL,XXL Size Length Waist cm inch cm inch S 100 39.4 62 24.4 M 101 39.8 66 26 L 102 40.2 70 27.6 XL 103 40.6 74 29.1 XXL 104 40.9 78 30.7
Textiles India's current account deficit forecast at $10 bn in Q1 FY24: Ind-Ra 29 Aug '23 2 min read Pic: Shutterstock Insights India's current account deficit is expected to be $10 billion (1 per cent of GDP) in Q1 FY24, a stark increase from the previous quarter's $1.4 billion deficit, as per Ind-Ra. The agency cites declining Global PMI indicators and expects merchandise exports to drop below $100 billion in Q2 FY24. Meanwhile, imports are likely to rise to around $163 billion. India's current account balance (CAB) is expected to show a deficit of around $10 billion, or 1 per cent of gross domestic product (GDP), for Q1 FY24, according to India Ratings and Research (Ind-Ra). The agency notes that this is a sharp increase from the modest $1.4 billion deficit of the previous quarter, though it's much lower than the $18 billion, or 2.1 per cent of GDP, in Q1 FY23.Notably, high-frequency indicators such as the Global Purchasing Managers Index (PMI) have shown contraction as of July 2023. Based on these, merchandise exports are projected to slip below $100 billion in Q2 FY24 after staying above that level for eight quarters. On the other hand, merchandise imports are expected to rise to around $163 billion from a seven-quarter low of $160.3 billion, mainly due to an increase in crude oil prices since July 2023. Consequently, the goods trade deficit is projected to reach a three-quarter high of $64 billion in Q2 FY24, as per Ind-Ra.India's current account deficit is expected to be $10 billion (1 per cent of GDP) in Q1 FY24, a stark increase from the previous quarter's $1.4 billion deficit, as per Ind-Ra. The agency cites declining Global PMI indicators and expects merchandise exports to drop below $100 billion in Q2 FY24. Meanwhile, imports are likely to rise to around $163 billion.The agency further reports that merchandise exports have already contracted by 14.1 per cent year-on-year in Q1 FY24, marking the most significant decline in 12 quarters. Despite volume growth ranging between 4.2 per cent and 170 per cent, the total export value stood at $104 billion—short of Ind-Ra's expected $106 billion.Merchandise imports have also shrunk, coming in at a seven-quarter low of $160.3 billion, in line with Ind-Ra's expectations. This reflects a 12.7 per cent contraction YoY, led mainly by a decline in the import of primary and consumer durable goods.Additionally, both energy and non-energy prices plummeted in Q1 FY24, dropping 38.5 per cent and 16.6 per cent year-on-year, respectively. This led to a 2.9 per cent YoY decrease in wholesale prices, the first such drop in 11 quarters.“Ind-Ra expects the current account deficit could rise further in Q2 FY24. The global economic environment remains uncertain amid concerns of higher-than-expected monetary tightening by central banks in advanced economies and a weaker economic recovery in China. Furthermore, there has been an additional risk of extreme weather events playing out in different countries (owing to El-Nino), which has led to an uptick in the prices of energy and some of the food commodities,” said Paras Jasrai, senior analyst, Ind-Ra. Fibre2Fashion News Desk (DP) More Textiles News - India...
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