Overview
- Government data released June 15 showed merchandise exports reached a monthly record $45.2 billion in May while imports rose to $73.41 billion, leaving a goods trade deficit of $28.21 billion.
- Petroleum product exports surged about 54.9% to $8.42 billion and engineering goods rose roughly 24.5% to $12.31 billion, making those sectors the main drivers of the export gain.
- Higher energy purchases, including crude and LPG, were the principal reason imports climbed 20.6% year‑on‑year and pushed up the monthly trade gap.
- Exporters and officials routed cargo through Oman ports such as Duqm, Sohar and Salalah and a corridor to Jebel Ali while diversifying suppliers to the US, Russia and South America to sustain shipments during Strait of Hormuz disruption.
- Markets and analysts say the reported preliminary US‑Iran deal, with a planned June 19 signing, together with lower freight and insurance costs and a weaker rupee have the potential to reduce India’s import bill, but any economic relief remains early and conditional on sustained calm.