New Delhi: Russia has become India’s second-largest import source during the first four months of this fiscal. India’s imports from Russia doubled to $20.45 billion during the April-July period of this fiscal. India’s imports from Russia were $10.42 billion during April-July 2022. The increased imports of crude oil and fertiliser from Russia is the main reason for this surge.
Russia’s share of India’s oil imports rose to over 40% after the start of the Russia-Ukraine conflict . Before that Russia had market share of less than 1% in India’s import basket. India, the world’s third-largest crude importer after China and the United States.
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Imports from China dipped to $32.7 billion during the April-July period as against $34.55 billion in the same period last year. Imports from the US declined to $14.23 billion during the period from $17.16 billion in April-July 2022. The imports from UAE too slipped to $13.39 billion during April-July 2023 as against $18.45 billion in the same period last year.
Meanwhile, India’s exports to seven of its top 10 destinations have recorded a negative growth rate during the period. During the first four months of this fiscal, the country’s merchandise exports to the US, UAE, China, Singapore, Germany, Bangladesh and Italy have dipped. However, exports to the UK, Netherlands, and Saudi Arabia have recorded positive growth.
India’s exports contracted by 15.88%, the sixth month in a row, to $32.25 billion in July this year. Imports during the month also declined by 17%, the eighth month in a row, to $52.92 billion from $63.77 billion in July 2022. The trade deficit to narrowed to $20.67 billion against $25.43 billion in July 2022.
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