India’s imports from Russia almost doubled to $25.69 billion during the April to August period of the current financial year due to increase in crude oil and fertilizer shipments, according to Commerce Ministry data released today. Russia has become India’s second largest source of imports in the first five months. Read the complete news.
Due to the war between Russia and Ukraine, the whole world was not taking crude oil . As a result, offered crude oil to its friendly country India at cheaper prices, which India also agreed to.
As a result, India’s imports from almost doubled to US$25.69 billion during the April-August period in the current financial year due to rising shipments of crude oil and fertilizers, according to Commerce Ministry data released today.
Russia second largest import source
Russia has become India’s second largest import source during the first five months of this financial year. A year ago, i.e. during April-August 2022, imports from Russia were US $ 13.77 billion.
market share increased by more than 40 percent
Before the start of the Russia-Ukraine war, Russia’s market share in India’s imports was less than 1 percent, which increased to more than 40 percent in the form of oil imports after the war. India is the world’s third largest importer of crude oil after China and America.
India’s imports from these countries decreased
According to the ministry data, imports from China declined to US $ 42 billion in the last five months (April-August), from US $ 43.96 billion in the same period last year.
Apart from this, imports from the US declined from US$ 21.86 billion to US$ 18 billion in April-August 2022.
Imports from the UAE also declined to US$17 billion during April-August 2023, from US$22.32 billion a year ago.
India’s merchandise exports decreased with these countries
India’s merchandise exports with US, UAE, China, Singapore, Germany, Bangladesh during April-August
There has been a decline. However, there has been an increase in merchandise exports to the UK, Netherlands and Saudi Arabia.
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