Russia has become India’s fourth largest import source during the 10-month period of the current fiscal.
India’s appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades.
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 imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa.
India, the world’s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.
The ministry data showed that imports from China rose by about 9 per cent to USD 83.76 billion during April-January this fiscal. Similarly, the imports from UAE increased by 23.53 per cent to USD 44.3 billion. India’s imports from the US grew by about 25 per cent to USD 42.9 billion during the period.
On the export front, the US has emerged as the top destination for Indian exporters during the 10-month period, accounting for 17.71 per cent of the country’s total outbound shipments during that period. Exports to the US have increased to USD 65.4 billion as against USD 62.27 billion during April-January 2021-22. Exports to the UAE have increased to USD 25.71 billion during April-January 2022-23 as against USD 22.35 billion in the year ago period.
Exports to China, however, dipped to USD 12.2 billion during the period as against USD 18.4 billion during April-January 2021-22.