India’s May goods exports hit record $45.2 billion as imports rise to $73.4 billion

India’s goods exports reached a record $45.2 billion in May, while imports climbed to a seven-month high of $73.4 billion, widening the trade deficit to $28.2 billion. The oil import bill jumped 53.8% year on year to $22.8 billion amid supply disruptions linked to the Strait of Hormuz closure and higher global prices. Gold imports rose 34% to $3.4 billion, while silver imports fell 87% to $75.6 million. The figures point to a sharp rise in energy and precious-metals import costs, adding upward pressure to crude and gold prices.