India’s imports from Russia have increased by 64 percent to USD 36.27 billion during the April-October fiscal year, owing to increased exports of crude oil and fertilizer.
As a result, Russia has surpassed China as India’s second-largest import supplier in the first seven months of the current fiscal year.
During the period April-October 2022, imports totaled USD 22.13 billion.
Russia’s market share in India’s import basket increased from less than 1 percent before the start of the Russia-Ukraine conflict to more than 40 percent.
India, the world’s third-largest crude importer after China and the United States, has been importing Russian oil after some Western countries avoided it as a form of retaliation for Moscow’s invasion of Ukraine.
According to the ministry’s data, imports from China fell marginally to USD 60.02 billion over the period, down from USD 60.26 billion the previous year.
Similarly, imports from the United States slid 16 percent to USD 24.89 billion during the period under review from USD 29.56 billion last year.
During the period under review, UAE imports fell 21 percent to USD 24.91 billion.
Imports from Saudi Arabia, Iraq, Indonesia, Singapore, and South Korea also declined over the first seven months of this fiscal year.
Due to gold imports, imports from Switzerland grew to USD 13.97 billion, up from USD 10.48 billion in April-October 2022.
In terms of exports, India’s exports to six of its top 10 destinations grew at a negative pace throughout the period.
During the first seven months of this fiscal year, the country’s merchandise exports to the United States, the UAE, Singapore, Germany, Bangladesh, and Saudi Arabia have dipped.
However, exports to the United Kingdom, Australia, and the Netherlands have increased.
Outbound exports to China increased to USD 8.92 billion in the period under review up from USD 8.85 billion in April-October 2022.
According to government data released on Wednesday, India’s overall merchandise exports grew by 6.21 percent to USD 33.57 billion in October this year, despite a trade deficit of USD 31.46 billion.
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