India's import from Russia doubled to $20.45 billion, import decreased with these countries

India's imports from Russia nearly doubled to USD 20.45 billion during the April-July period of the current financial year on the back of rising shipments of crude oil and fertilizers. With this, Russia has emerged as India's second-largest import source during the first four months of this financial year.

Imports during April-July, 2022 stood at $10.42 billion. Before the start of the Russia-Ukraine conflict, Russia's share of India's imports was less than one percent. However, now Russia's share in India's oil imports has increased to more than 40 percent.

India is the third largest importer of crude oil in the world after China and the US. The data showed that imports from China declined to $32.7 billion during April-July as compared to $34.55 billion in the same period last year.

Similarly, imports from the US declined to $14.23 billion from $17.16 billion in April-July, 2022. Imports from the United Arab Emirates (UAE) also declined to $13.39 billion during April-July, 2023, as against $18.45 billion in the same period last year.

During April-July 2023, out of the ten countries to which India used to export the most, exports to seven countries decreased. Exports to the US, UAE, China, Singapore, Germany, Bangladesh, and Italy have declined.

However, there has been an increase in exports to the UK, Netherlands, and Saudi Arabia. In July this year, India's exports contracted for the sixth consecutive month by 15.88 percent to USD 32.25 billion.

This situation has come about due to the decline in exports of major sectors like petroleum, gems, and jewelry, including the global recession. Imports also declined by 17 percent for the eighth consecutive month to $52.92 billion from $63.77 billion in July 2022. Due to this, the trade deficit decreased to $ 20.67 billion as against $ 25.43 billion in July 2022.