According to data gathered by the department of commerce, India’s imports in January fell to a 17-month low of $50.6 billion due to a fall in demand from six of its top ten import partners, including China, Saudi Arabia, Iraq, South Korea, Australia, and Singapore.South Australian, Korean, and Singaporean shipments all had declines of 14.1%, 26.7%, and 9.8%, respectively.
In January, the pace increased nearly four times to $4.48 billion from a year earlier, surpassing both the US and the UAE. This sudden increase was primarily caused by the cheap crude oil that India imports from Russia. Russia and China were the top two import partners in January in terms of value.
It is interesting to note that China, who has long been India’s top import partner, had a 13% fall in January.Just four of the ten countries—the United Arab Emirates (12.1%), the US (27.4%), Russia (2974%) and Indonesia—saw an increase in inbound shipments (22.9 per cent).
Around 60% of India’s imports of goods come from these ten nations, according to data examined by Business Standard.Russia’s imports experienced the fastest growth. USA being the largest export market saw a dip in the exports by 12.1% in China and India. This indicated the “Make In India” programme.
A contraction in imports was seen in electronic goods, organic and inorganic chemicals, plastics, pearls, precious and semi-precious stones, machinery, electronic goods and many others.
