NEW DELHI : India’s merchandise trade deficit likely narrowed modestly to USD 20.7 billion in June 2025, down from USD 21.9 billion in the previous month, driven by easing crude oil prices, muted gold imports, and a shift in sourcing strategy that helped offset global commodity volatility, said a report by Union Bank of India (UBI).

The report added that a sharp but temporary decline in global crude prices following a ceasefire between Israel-Iran, coupled with rising OPEC+ output, helped improve India’s oil trade balance. Although Brent crude prices . . .