India Import From Russia: Imports from Russia to India have doubled and reached $20.45 billion during April-July.
India Import From Russia: Fierce business activities are being seen between India and Russia. India's import from Russia has doubled. India's imports from Russia have doubled to $20.45 billion in April-July, while imports from Russia during April-July 2022 were $10.42 billion. This information has been given in the statistics of the Ministry of Commerce.
After the Russia-Ukraine war, Russia's share in the country's oil imports increased by more than 40 percent.
Before the Russia-Ukraine war started, Russia's share in India's oil import category used to be less than one per cent, but now it has increased to more than 40 per cent. According to the Ministry of Commerce, due to increase in import of crude oil and fertilizers, Russia has become India's second largest import source during the first four months of the current financial year i.e. April to July. Imports from Russia in the first four months of FY 2024 are showing double growth as compared to the same period last year.
India got a chance to import more oil after economic sanctions on Russia
After China and America, India is the third largest importer of crude oil in the world. After military action against Ukraine, western countries imposed economic sanctions on Russia, then India got a chance to buy crude oil from it at a concessional rate. India's imports from China declined 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 import also decreased from America
Similarly, India's imports from the US declined to $14.23 billion as compared to $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 as compared to $18.45 billion in the same period last year.
On the export front, India's exports to seven of the top 10 destinations declined during this period. Exports of goods to the US, UAE, China, Singapore, Germany, Bangladesh and Italy have decreased while exports to UK, Netherlands and Saudi Arabia have registered a positive growth.
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