The country's imports from Russia almost doubled to USD 25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal.
The imports were USD 13.77 billion during April-August 2022.
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.
The ministry's data showed that imports from China dipped to USD 42 billion during the period against USD 43.96 billion in the same period last year.
Similarly, imports from the US declined to USD 18 billion during the period under review from USD 21.86 billion in April-August 2022.
Imports from UAE too contracted to USD 17 billion during April-August 2023 compared to USD 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.
Source Name : Economic Times
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 USD 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.