India's trade deficit fell to $21.88 billion in May 2025, driven by lower oil/gold imports and seasonal export gains.

• Imports dropped to $60.61 billion, led by $14.7 billion in crude oil and $2.5 billion in gold.
• Exports rose to $38.73 billion, with electronics up 47% YoY and U.S. shipments increasing despite tariff concerns.
• Trade deficit below forecasts and April's $26.42 billion, but risks persist from oil prices and U.S. tariff uncertainty.