India imports from Russia: India and Russia are witnessing intense trade activity. India’s imports from Russia have doubled. India’s imports from Russia doubled to $20.45 billion in April-July, compared to $10.42 billion in April-July 2022. This information is given in the Ministry of Commerce statistics.
After the Russia-Ukraine war, Russia’s share of the country’s oil imports increased to more than 40 percent.
Before the Russia-Ukraine war, Russia’s share of India’s oil import category was less than one percent, but now it has increased to more than 40 percent. Russia has become India’s second largest source of imports during the first four months of the current financial year, from April to July, due to increase in crude oil and fertilizer imports, according to the commerce ministry. Imports from Russia in the first four months of fiscal year 2024 are expected to double compared to the same period last year.
After economic sanctions on Russia, India got an opportunity to import more oil
After China and the US, India is the third largest importer of crude oil in the world. After the military action against Ukraine, Western countries imposed economic sanctions on Russia, so India got an opportunity to buy crude oil from it at discounted rates. India’s imports from China fell to $32.7 billion in the April-July period from $34.55 billion in the same period last year, according to commerce ministry data.
India’s imports from America also decreased
Similarly, India’s imports from the US declined to $14.23 billion as against $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 from $18.45 billion in the same period last year.
On the export front, India’s exports declined in seven of the top 10 spots during the period. Exports of goods to America, United Arab Emirates, China, Singapore, Germany, Bangladesh and Italy have decreased, while exports to Great Britain, Netherlands and Saudi Arabia have registered a positive increase.
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(Tags Translation) Ministry of Commerce Crude Oil