India's Trade Deficit with Europe Widens in First 3 Quarters of FY24

• India's trade balance with Europe turned negative in the first 3 quarters of FY24, with a deficit of $1.24 billion • Exports to Europe grew just 0.66% while imports grew 6.5% annually from April-December 2023 • In FY23, India had a trade surplus of $7.35 billion with Europe • Slowdown in major European economies like Germany and UK impacting Indian exports • India has set up a task force to tackle non-tariff barriers and boost overall exports