IGI Logo

The commerce ministry in its data has showed that the India’s imports from Russia almost doubled to $25.69 billion during the April-August period this fiscal (FY24) due to increasing inbound shipments of crude oil and fertiliser. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were $13.77 billion during April-August 2022.

According to the data, from a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. Imports from China dipped to $42 billion during the period against $43.96 billion in the same period last year. Similarly, imports from the US declined to $18 billion during the period under review from $21.86 billion in April-August 2022. Imports from UAE too contracted to $17 billion during April-August 2023 compared to $22.32 billion a year ago. 

On the export front, India's exports to six of its top 10 destinations have recorded a negative growth rate during the period. During the first five months of this fiscal, the country's merchandise exports to the US, UAE, China, Singapore, Germany, and Bangladesh have dipped. However, exports to the UK, the Netherlands and Saudi Arabia have recorded positive growth. India's exports declined 6.86 per cent to $34.48 billion, the seventh month in a row, in August this year due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand.