New Delhi: According to statistics from the commerce ministry, India's imports from Russia increased by double to US$ 20.45 billion between April and July of the current fiscal year as a result of an increase in crude oil and fertiliser exports from that country.
Because of this, Russia has overtaken China as India's second-largest import supplier in the first quarter of current fiscal year.
April through July 2022 recorded $10.42 billion in imports. Less than 1% of India's imports came from Russia prior to the start of the Russia-Ukraine conflict. But as of recently, more than 40% of India's oil imports came from Russia as per Export Import Data.
After China and the US, India is the third-largest crude oil importer in the world. According to the report, imports from China decreased from $34.55 billion in April through July to $32.7 billion this year.
In a comparable way, imports from the US decreased from $17.16 billion in April to July 2022 to $14.23 billion in July.
In addition, imports from the United Arab Emirates (UAE) decreased from $18.45 billion in April to July 2022 to $13.39 billion in April to July 2023.
Exports to Saudi Arabia, the Netherlands, and the UK have increased, though. India's exports decreased by 15.88 percent to USD 32.25 billion in July of this year, the sixth consecutive month during which they have decreased.
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