India's merchandise trade deficit narrowed to $28.21 billion in May from $28.38 billion in April, as stronger exports helped offset rising imports, according to government data reported by Reuters.
The trade figures come as India continues negotiations with the United States for an interim trade agreement aimed at improving market access for Indian exports. Meanwhile, easing tensions in the Middle East and the potential reopening of the Strait of Hormuz could help reduce India's energy import costs in the coming months.
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