India's trade deficit likely narrowed to USD 21.5 Bln in February from USD 23 Bln in January: UBI Report

India's trade deficit likely narrowed to USD 21.5 billion in February from January's USD 23 billion, driven by a moderation in the Non-Oil-Non-Gold segment. The oil trade deficit decreased due to lower global Brent crude prices and reduced oil imports from Russia. Rising geopolitical risks and tariffs could limit further trade balance recovery.