India's imports from Russia surge to $20.45 Billion

India's imports from Russia have surged to an impressive $20.45 billion in the April-July period of this fiscal year, showcasing a twofold increase. The rise in imports can be attributed to an upswing in inbound shipments of crude oil and fertilisers from Russia, as indicated by commerce ministry data. This surge has catapulted Russia to the position of India's second-largest import source during the initial four months of the current fiscal year. Comparatively, during April-July 2022, imports from Russia stood at $10.42 billion.Notably, Russia's share of India's oil imports has witnessed an astonishing climb from less than 1 percent in India's import portfolio before the Russia-Ukraine conflict to over 40 percent at present. India, positioned as the world's third-largest crude importer, has capitalised on discounted Russian oil, filling the void left by Western nations that sought to penalise Moscow for the Ukraine invasion.The commerce ministry's data showcases other import trends as well. Imports from China experienced a dip, amounting to $32.7 billion during April-July, compared to $34.55 billion in the same period last year. Similarly, imports from the US declined to $14.23 billion during the reviewed period from $17.16 billion in April-July 2022. Imports from the UAE also contracted to $13.39 billion during April-July 2023, down from $18.45 billion in the corresponding period last year.On the export front, India's merchandise exports to seven out of its top 10 destinations registered a negative growth rate during the same period. While exports to the UK, Netherlands, and Saudi Arabia displayed positive growth, exports to the US, UAE, China, Singapore, Germany, Bangladesh, and Italy faced contraction.In July of this year, India's exports contracted by 15.88 percent for the sixth consecutive month, totaling $32.25 billion. This decline was attributed to a global slowdown and reduced shipments in crucial sectors like petroleum, gems, and jewellery. Simultaneously, imports also diminished by 17 percent, marking the eighth straight month of decline, amounting to $52.92 billion in contrast to $63.77 billion in July 2022. This led to a narrower trade deficit of $20.67 billion compared to $25.43 billion in July 2022.