India's merchandise trade deficit stood at $ 28.21 billion in May 2026, with lower crude oil prices and higher duties on gold imports likely to ease pressure on the import bill in the coming months, according to a report by Dolat Capital cited. According to ANI, the report noted that petroleum imports surged to $ 22.7 billion in May 2026, up from $ 14 billion a year earlier, even as non-petroleum exports rose to $ 70.7 billion during April-May FY27 from $ 64 billion in the corresponding period last year. Non-petroleum, non-gems and jewellery exports also increased to $ 65.9 billion from $ 59.2 billion.