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India recorded a trade deficit of $21.88 billion in May of 2025, remaining relatively stable following the $23.8 billion gap in the corresponding period of the previous year, to contrast sharply with swings in trade balances for other Asian economies amid constantly-changing tariff policies from the US. Imports inched lower by 1.7% to $60.61 billion, likely pressured by muted energy prices in the period, which account for a significant portion of foreign goods inflows to India. In turn, exports fell by 2.2% to $38.73 billion. Exports to the US since the start of the Fiscal Year in April were at $17.25 billion, up from $14.17 billion in the corresponding period of the previous year, suggesting that tariff threats from the US had a limited impact in trade flows.