<p>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.</p>.<p> With this, Russia has become India's second largest import source during the first four months of this fiscal.</p>.<p> The imports were $10.42 billion during April-July 2022.</p>.Fast track action to remove non-tariff barriers key to realise trillion-dollar merchandise export goal: GTRI report.<p> 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.</p>.<p> 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.</p>.<p> 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.</p>.<p> 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.</p>.<p> On the export front, India's exports to seven of its top 10 destinations have recorded a negative growth rate during the period.</p>.Ships backed up in Black Sea lanes as Russia warning shots raise tensions.<p> 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.</p>.<p> However, the exports to the UK, Netherland, and Saudi Arabia have recorded a positive growth.</p>.<p> 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.</p>.<p> 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.</p>
<p>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.</p>.<p> With this, Russia has become India's second largest import source during the first four months of this fiscal.</p>.<p> The imports were $10.42 billion during April-July 2022.</p>.Fast track action to remove non-tariff barriers key to realise trillion-dollar merchandise export goal: GTRI report.<p> 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.</p>.<p> 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.</p>.<p> 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.</p>.<p> 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.</p>.<p> On the export front, India's exports to seven of its top 10 destinations have recorded a negative growth rate during the period.</p>.Ships backed up in Black Sea lanes as Russia warning shots raise tensions.<p> 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.</p>.<p> However, the exports to the UK, Netherland, and Saudi Arabia have recorded a positive growth.</p>.<p> 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.</p>.<p> 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.</p>