India's imports from Russia have increased five-fold to reach $37.31 billion during the period of April to January this fiscal year. The surge in imports has been largely driven by an increase in inbound shipments of crude oil from Russia. This makes Russia India's fourth largest import source during the 10-month period of the current fiscal, up from being the 18th largest import partner in 2021-22.
In January, India's appetite for Russian crude oil rose to unprecedented levels, surpassing traditional Middle Eastern suppliers for the fourth month in a row, as refiners took advantage of plentiful cargoes available at a discount to other grades.
Before the start of the Russia-Ukraine conflict, Russia's share of India's imports was less than 1 percent, but it has now risen to 1.27 million barrels per day in January, representing a 28 percent share, according to energy cargo tracker Vortexa.
India is the world's third-largest crude importer after China and the United States, and has been snapping up Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.
The Ministry of Commerce's data shows that India's imports from China have also risen by approximately 9 percent to $83.76 billion during April-January this fiscal year. Similarly, the imports from UAE have risen by 23.53 percent to $44.3 billion. India's imports from the US have grown by about 25 percent to $42.9 billion during the period.
On the export front, the US has emerged as the top destination for Indian exporters during the 10-month period, accounting for 17.71 percent of the country's total outbound shipments during that period. Exports to the US have increased to $65.4 billion, up from $62.27 billion during April-January 2021-22.
Meanwhile, exports to the UAE have increased to $25.71 billion during April-January 2022-23, up from $22.35 billion in the year-ago period. However, exports to China have dipped to $12.2 billion during the period, down from $18.4 billion during April-January 2021-22.
(Edited by : Soham Shetty)
