China, USA, and UAE all left behind, Russia became India’s second largest import source during April-August
New Delhi, Agency: Due to the war between Russia and Ukraine, the whole world was not taking crude oil from Russia. As a result, Russia offered crude oil to its friendly country India at cheaper prices, which India also agreed to.
The result was that according to Commerce Ministry data released today, Crude oil And India’s imports from Russia almost doubled to US$25.69 billion during the April-August period in the current financial year due to rising fertilizer shipments.
Russia second largest import source
During the first five months of this financial year Russia Has become India’s second largest import source. A year ago, i.e. during April-August 2022, imports from Russia were US $ 13.77 billion.
Russia’s market share increased by more than 40 percent
Before the start of the Russia-Ukraine war, Russia’s market share in India’s imports was less than 1 percent, which increased to more than 40 percent in the form of oil imports after the war. India is the world’s third largest importer of crude oil after China and America.
India’s imports from these countries decreased
According to the ministry data, imports from China declined to US $ 42 billion in the last five months (April-August), from US $ 43.96 billion in the same period last year.
Other than this America Imports from India declined to US$18 billion in April-August 2022 from US$21.86 billion.
Imports from the UAE also declined to US$17 billion during April-August 2023, from US$22.32 billion a year ago.
India’s merchandise exports decreased with these countries
India’s merchandise exports with US, UAE, China, Singapore, Germany, Bangladesh during April-August
There has been a decline. However, there has been an increase in merchandise exports to the UK, Netherlands and Saudi Arabia.
Posted By Gaurav Kumar
This post originally appeared on www.jagran.com