Russia has moved up 16 ranks to become the fourth largest import source for India in FY 2022-23, with a 369.4 per cent increase (year-on-year) to $46.33 billion, comprising primarily crude and petroleum products, while its share in India’s imports expanded to 6.5 per cent from 1.6 per cent in the previous fiscal.
China’s share in India’s exports in FY2022-23 shrunk to 13.79 per cent from 15.43 per cent in the previous fiscal, but it retained its position as the top import source for the country. India’s imports from China rose 4.16 per cent to $98.51 billion, according to figures shared by the Commerce Department on Thursday.
Also read:India’s average crude oil imports from Russia at 1 million barrels/day in FY23
The top destinations for Indian exports in FY2022-23 included the US with exports valued at $78.31 billion, the UAE at $31.33 billion, the Netherlands at $20.90 billion, China at $15.32 billion, Singapore at $11.95 billion, Bangladesh at $11.67 billion and the UK at $11.46 billion.
“The steep increase in imports from Russia in FY23 was mainly due to the sharp rise in import of crude and petroleum products and to some extent coal and fertiliser. This is because India has been getting crude at favourable terms,” a source said.
The UAE was the second largest import source for India during FY2022-23 at $53.24 billion (growth of 18.75 per cent). India’s FTA with the UAE signed last fiscal is likely to have contributed to the rise, the source added.
It was followed by the US, which shipped goods worth $50.24 billion to India in FY2022-23, posting an increase of 15.98 per cent over the previous fiscal.
The top five items showing import growth in FY2022-23 included petroleum, crude & products (valued at $209.57 billion), coal, coke & briquettes, machinery, transport equipment and iron & steel. The total import of goods in FY2022-23 increased 16.51 per cent to $714.24 billion.
The top five export items exhibiting an increase in FY 2022-23 included petroleum products (valued at $94.52 billion), electronic goods (at $23.57 billion), rice, chemicals and drugs. In FY 2022-23, goods exports registered modest 6.03 per cent growth to $447.46 billion.