India balance of payments July 2026 data showed an overall surplus of $20.8 billion, sharply higher than the $0.3 billion surplus recorded in July 2025, according to preliminary data released by the Reserve Bank of India (RBI) on September 15, 2026.
Current account deficit widens to $7 billion
The current account balance stood at a deficit of $7 billion in July 2026, compared with a deficit of $3.2 billion a year earlier. The merchandise trade deficit increased to $31.7 billion from $28.2 billion.
Merchandise exports rose to $45.1 billion from $37.4 billion, while imports increased to $76.8 billion from $65.6 billion. The net services surplus improved to $17.6 billion from $16.4 billion, with services exports at $38.3 billion and imports at $20.6 billion.
Net transfers increased to $13.2 billion from $12.6 billion, while net income remained negative at $6.1 billion, compared with $4 billion in July 2025.
Capital account surplus rises to $27.7 billion
The net capital account surplus rose to $27.7 billion in July from $3.5 billion in the same month last year. Net foreign direct investment (FDI) stood at $7.3 billion, compared with $4.5 billion, while net foreign portfolio investment (FPI) recorded an inflow of $4.1 billion, against an outflow of $2.5 billion a year earlier.
Net external commercial borrowings stood at -$2.3 billion, while short-term credit to India was $1.8 billion. Banking capital recorded a net inflow of $18.4 billion, including $33.5 billion of net NRI deposits. Other capital stood at -$1.6 billion.
For April-July 2026, the current account deficit was $11.2 billion and the capital account surplus was $23.9 billion, resulting in an overall balance of $12.7 billion, compared with $4.8 billion during April-July 2025. The RBI reported monetary movements of -$20.8 billion for July and -$12.7 billion for April-July. The release noted that July 2025 figures are partially revised, while July 2026 figures are preliminary.
Q1. What was India’s balance of payments surplus in July 2026?
India recorded an overall balance of payments surplus of $20.8 billion in July 2026.
Q2. What was India’s current account deficit in July 2026?
India’s current account deficit stood at $7 billion in July 2026.
Q3. What was India’s merchandise trade deficit in July 2026?
The merchandise trade deficit was $31.7 billion, with exports of $45.1 billion and imports of $76.8 billion.
Q4. How much was the capital account surplus in July 2026?
The net capital account recorded a surplus of $27.7 billion.
Q5. How much were net NRI deposits in July 2026?
Net NRI deposits stood at $33.5 billion in July 2026.
