India Trade Balance Update

India's merchandise trade deficit held steady at $28.2bn in May 2026. Higher oil import volumes were effectively offset by reduced non-oil imports and a sharp decline in gold imports.

Key Takeaways

• 1.India's merchandise trade deficit remained stable at $28.2bn in May as a higher oil deficit was balanced by a lower non-oil deficit.
• 2.Gold imports saw a significant decline of 28% month-over-month, consistent with expectations following government duty hikes.
• 3.Services trade surplus moderated to $17.7bn due to an increase in services imports.

Table of Contents

• Key numbers
• Main points
• Disclosure Appendix

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