A view of the Russian cargo ship Pure Point, carrying crude oil, on June 11, 2023.
Credit: Reuters File Photo
India's imports from Russia doubled to $20.45 billion during the April-July period of this fiscal due to increasing inbound shipments of crude oil and fertiliser from that country, according to the commerce ministry data.
With this, Russia has become India's second largest import source during the first four months of this fiscal.
The imports were $10.42 billion during April-July 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 $32.7 billion during the April-July period as against $34.55 billion in the same period last year.
Similarly, imports from the US declined to $14.23 billion during the period under review from $17.16 billion in April-July 2022. The imports from UAE too contracted to $13.39 billion during April-July 2023 as against $18.45 billion in the same period last year.
On the export front, India's exports to seven of its top 10 destinations have recorded a negative growth rate during the period.
During the first four months of this fiscal, the country's merchandise exports to the US, UAE, China, Singapore, Germany, Bangladesh and Italy have dipped.
However, the exports to the UK, Netherland, and Saudi Arabia have recorded a positive growth.
India's exports contracted by 15.88 per cent, the sixth month in a row, to $32.25 billion in July this year due to a global slowdown and fall in shipments of key sectors like petroleum, gems and jewellery.
Imports during the month also declined by 17 per cent, the eighth month in a row, to $52.92 billion from $63.77 billion in July 2022. This led to a narrowing of the trade deficit to $20.67 billion against $25.43 billion in July 2022.