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India's import from Russia doubled to $20.45 billion, import decreased with these countries
India's imports from Russia doubled to US$ 20.45 billion during the April-July period of the current fiscal due to rising shipments of crude oil and fertilizers from Russia, according to commerce ministry data. With this, Russia has become India's second-largest import source during the first four months of this financial year.
India's imports from Russia nearly doubled to USD 20.45 billion during the April-July period of the current financial year on the back of rising shipments of crude oil and fertilizers. With this, Russia has emerged as India's second-largest import source during the first four months of this financial year.
Imports during April-July, 2022 stood at $10.42 billion. Before the start of the Russia-Ukraine conflict, Russia's share of India's imports was less than one percent. However, now Russia's share in India's oil imports has increased to more than 40 percent.
India is the third largest importer of crude oil in the world after China and the US. The data showed that imports from China declined to $32.7 billion during April-July as compared to $34.55 billion in the same period last year.
