India’s April 2026 Balance-of-Payments Shows Current-Account Surplus Amid Capital Outflows

According to preliminary data from the Reserve Bank of India, India posted a current-account surplus of $4.7 billion in April 2026, reversing a $4.8 billion deficit a year earlier. Merchandise trade showed a $27.9 billion deficit, with exports of $44.6 billion against imports of $72.5 billion. Net services receipts were $18.6 billion and net transfers $16 billion. The capital account recorded an $11.3 billion deficit, leading to an overall balance-of-payments deficit of $6.6 billion.

CNBC TV18India posts $4.7 bn current account surplus in April; FPI outflows hit $8.7 bnRemittances, services surplus lift India to $4.7 billion current account surplus in AprilIndia's current account surplus reaches $4.7 billion, foreign portfolio outflows lead to BoP deficit in April: RBI DataIndia's Balance of Payments Hits Deficit Amid FPI Outflows

Services exports rose to $37 billion while imports of services were $18.4 billion, generating an $18.6 billion services surplus. Remittance-related net transfers jumped to $16 billion from $9.4 billion a year earlier, providing the largest single boost to the current account.

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Foreign portfolio investors withdrew $8.7 billion, widening net outflows from $2.1 billion a year earlier, while banking capital posted a $3.7 billion net outflow. By contrast, net foreign direct investment rose to $7.4 billion, up from $1.6 billion, partially offsetting the capital-account deficit.

India posts $4.7 bn current account surplus in April; FPI outflows hit $8.7 bnCNBC TV18Remittances, services surplus lift India to $4.7 billion current account surplus in AprilIndia's current account surplus reaches $4.7 billion, foreign portfolio outflows lead to BoP deficit in April: RBI DataIndia's Balance of Payments Hits Deficit Amid FPI Outflows

The RBI announced that future balance-of-payments data for a reference month will be published by the 15th day of the second subsequent month. It also reported a $6.6 billion drawdown in foreign-exchange reserves during April 2026.

India posts $4.7 bn current account surplus in April; FPI outflows hit $8.7 bnCNBC TV18ReutersIndia's Balance of Payments Hits Deficit Amid FPI OutflowsRemittances, services surplus lift India to $4.7 billion current account surplus in April

Bank of Baroda chief economist Madan Sabnavis warned that exporters have adjusted to the global economic order but higher crude-oil prices have kept the trade deficit elevated. Analysts also note that the sharp FPI outflows reflect a risk-off stance amid geopolitical tensions.

Remittances, services surplus lift India to $4.7 billion current account surplus in April

The divergence between a robust current account and a weakening capital account highlights vulnerability to external financing conditions. Persistent FPI outflows could pressure the rupee and constrain credit growth, prompting policymakers to monitor capital-flow management tools.

India's current account surplus reaches $4.7 billion, foreign portfolio outflows lead to BoP deficit in April: RBI Data

• “The RBI said that, going forward, India's monthly balance of payments data for a reference month will be released by the 15th day, or earlier, of the second subsequent month.” — Reserve Bank of India statement

India posts $4.7 bn current account surplus in April; FPI outflows hit $8.7 bn

• “It does appear that exporters have adjusted to the current global economic order and managed to hold on to their position three months into the war. Imports trended higher due to higher crude prices which thus kept the deficit higher,” — Madan Sabnavis, Bank of Baroda chief economist

Remittances, services surplus lift India to $4.7 billion current account surplus in April

RBI will continue monthly BoP releases and monitor capital-flow trends, while market participants watch for further FPI movements and any policy adjustments to stabilize the external position.

India posts $4.7 bn current account surplus in April; FPI outflows hit $8.7 bn