New Delhi, June 30 -- India's trade deficit is likely to widen to USD 300 billion in the financial year 2025-26, even though oil prices are expected to remain moderate, according to a recent report by ICICI Bank.

The projected deficit would be 7.0 per cent of the country's GDP, higher than the USD 287 billion recorded in FY25 and USD 245 billion in FY24.

The report stated, "We see goods deficit widening to USD 300bn (7.0 per cent of GDP) in FY26. But steady inflows in case of services exports and remittances should ensure a CAD of USD 30bn (0.7 per cent of GDP)".

The report highlighted that while oil prices may not surge sharply, the widening trade deficit will be driven mainly by weak performance in non-oil exports. On the other hand,...