India’s May 2026 trade deficit widens to USD 28.21 billion as oil imports surge

India’s trade deficit widened to USD 28.21 billion in May, driven by a 62% year-on-year jump in oil import costs to USD 22.7 billion. A report said easing geopolitical tensions in West Asia have softened crude prices, and higher import duties on gold could help lower import costs and narrow the deficit. Non-oil exports and capital-goods imports remained strong, pointing to resilient domestic demand and investment.