India’s imports from Russia double to $20.45 billion in April-July

India’s imports from Russia doubled to $20.45 billion in the first four months (April-July) of the current fiscal due to increase in imports of crude oil and fertilisers. This information has been given in the statistics of the Ministry of Commerce. With this, Russia has become India’s second largest import source in the first four months of the financial year. During April-July 2022, imports from Russia stood at $10.42 billion. Before the Russia-Ukraine conflict, Russia’s share in India’s oil import category used to be less than one percent but now it has increased to more than 40 percent. India is the third largest importer of crude oil in the world after China and America.

After military action against Ukraine, western countries imposed economic sanctions on Russia, then India got a chance to buy crude oil from it at a concessional rate. India’s imports from China declined to $32.7 billion in the April-July period as against $34.55 billion in the same period last year, the ministry’s data showed. Similarly, India’s imports from the US declined to $14.23 billion as compared to $17.16 billion in the year-ago period.

Imports from the United Arab Emirates (UAE) also declined to $13.39 billion during April-July 2023 as against $18.45 billion in the same period last year. On the export front, India’s exports to seven of the top 10 destinations declined during this period. Exports of goods to US, UAE, China, Singapore, Germany, Bangladesh and Italy declined while exports to UK, Netherlands and Saudi Arabia registered positive growth.

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