New Delhi: The Union Commerce and Industries Ministry informed that the imports from Russia has jumped about five times to $37.31 billion during April-January this fiscal year. It is due to the increased import of crude oil from Russia.
In 2021-22, Russia was India’s 18th largest import partner, accounting for $9.86 billion of imports. Russia has become India’s fourth largest import source during the 10-month period of the current fiscal.
Also Read: Public sector bank hikes deposit rates
India is the world’s third-largest crude importer after China and the United States. Russia’s share of India’s imports rose to 1.27 million barrels per day in January. Russia is providing crude oil in a discounted rate for India after the Russia-Ukraine conflict.
Imports from China rose by about 9% to $83.76 billion during April-January this fiscal. Similarly, the imports from UAE increased by 23.53% to $44.3 billion. India’s imports from the US grew by about 25% to $42.9 billion during the period.
On the export front, the US has emerged as the top destination for Indian exporters during the 10-month period, accounting for 17.71% of the country’s total outbound shipments during that period. Exports to the UAE have increased to $25.71 billion during April-January 2022-23 as against $22.35 billion in the year ago period. Exports to China, however, dipped to $12.2 billion during the period as against $18.4 billion during April-January 2021-22.
Post Your Comments