Trade balance with Europe moves into deficit in FY24
Mint Mumbai|February 17, 2024
Sluggish exports growth has created a negative trade balance for the first time after two years
Rhik Kundu
Trade balance with Europe moves into deficit in FY24

India's trade balance with Europe has moved into negative territory over the first three-quarters of FY24, with imports exceeding exports during the period. This is a reversal from FY22 and FY23 when the trade balance was positive.

According to data from the Ministry of commerce and Industry, India's trade with Europe stood at a deficit of $1.24 billion during the April-December 2023 period, with exports at $71.68 billion, up 0.66% annually and imports at $72.91 billion, up 6.5% annually.

In FY23, India's trade balance with Europe stood at $7.35 billion, with exports at $98.34 billion, exceeding imports at $90.99 billion. That fiscal, exports to Europe rose by 14.16% annually and imports rose by 5.86%.

Similarly, in FY22, India's exports to Europe rose by 55.71% annually to $86.15 billion, while imports rose 32.09% yearly to $85.96 billion.

India's overall trade balance with Europe during the year was $188 million.

To be sure, world trade had witnessed a slowdown during the pandemic years, in FY20 and FY21, due to lockdowns and other curbs.

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