New Delhi, May 17 -- 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 USD 28 billion in April 2026 from USD 21 billion in March, with both oil and gold deficits rising by roughly USD 2 billion each, the brokerage said. The core deficit, excluding oil and gold, deteriorated to USD 13 billion from USD 9 billion, driven b...