INDIA’S trade deficit is likely to remain under pressure in the coming months as elevated crude prices, supply-side disruptions and a potential global demand slowdown weighed on exports, according to a research report by Nuvama Institutional Equities.
It added that while Rupee depreciation could offer some competitiveness support, the recent hike in bullion import duty might provide the only near-term relief to the overall deficit. India’s goods trade deficit widened to US$28 billion in April 2026 from US$21 billion in March, with both oil and gold deficits rising by roughly US$2 billion each, the brokerage said. The core deficit, excluding oil and gold, deteriorated to US$ 13 billion from US$9 billion, driven by higher shortfalls across chemicals, electronics, ores and agriculture.
“The electronics deficit rose by US$0.7 billion to an all-time high of US$7.6 billion,” Nuvama said, highlighting it as the key driver of the broader widening. Exports showed a rebound on a weak base, with goods exports expanding 14 per cent YoY in April after contracting 7.4 per cent in March. On a trend basis, export growth improved to 1.6 per cent from -2.8 per cent, though Nuvama described the underlying momentum as still subdued.
ANI
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