According to a study from the Global Trade Research Initiative (GTRI), India’s merchandise imports, driven by purchases of oil, precious metals, and electronics, are anticipated to increase 15% to a high $710 billion in FY23.

According to economists, the Russia-Ukraine war’s impact on commodity prices as well as pent-up demand for more goods led to higher purchase costs for India.

According to the GTRI study, for 22 of India’s top 25 trading partners, imports now outpace exports. With $102.6 billion in imports, China continues to be India’s biggest supplier, more than double the $52.9 billion in imports from the UAE, which is India’s second-largest source.