Export-Import India's imports from Russia soar 67% to $30.42 billion in April-Sept
New Delhi: India's imports from Russia in the April-September period of this fiscal year surged by approximately 67 percent to USD 30.42 billion.
This increase was primarily driven by higher shipments of crude oil and fertilizers, marking Russia as India's second-largest import source in the first half of this fiscal year.
This rise is significant, considering that Russia's share in India's import basket was less than 1 percent before the Russia-Ukraine conflict began.
The surge in imports from Russia, particularly in oil, is attributed to discounted prices due to Western sanctions against Russian oil after the Ukraine invasion.
On the other hand, imports from China decreased to USD 50.47 billion from USD 52.42 billion in the same period last year.
Similarly, imports from the US fell to USD 21.39 billion from USD 25.79 billion. Imports from the UAE also contracted from USD 27.8 billion to USD 20.7 billion.
During this period, imports also declined from several other countries including Saudi Arabia, Iraq, Indonesia, Singapore, and Korea.
Meanwhile, India's exports to seven of its top 10 destinations saw negative growth rates during this period, with positive growth recorded in exports to the UK, Australia, and the Netherlands.
In September, India's merchandise exports fell by 2.6 percent to USD 34.47 billion, while the merchandise trade deficit narrowed to USD 19.37 billion.
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