Record $22.7 billion oil import bill and rising electronics purchases widen India’s May trade deficit

India’s crude oil import bill climbed to a record $22.7 billion in May 2026 as Middle East tensions pushed Brent crude above $90 a barrel. The net oil import bill rose to $14.3 billion, and the merchandise trade deficit widened to $28.2 billion. Elevated crude and derivative prices, along with shipping disruption risks around the Strait of Hormuz, were key drivers, the report said.