India’s imports from Russia zoomed 272%to US$5.03 billion in April-May 2022-23 FY from a year before. This follows steps taken by the Indian Government raise purchases of oil, fertilisers and coal from Russia to tackle a growing shortfall of the commodities in the country. The pace of growth in imports from Russia is picking up since June this year as well, though on a low base. The Government is resisting the push from the Western nations to slash India’s trade ties with Russia, after the latter’s invasion of Ukraine.
However, India’s exports to Russia plunged 46% on year to just US$245 million until May this fiscal, as a result of logistics and payment problems following Western sanctions on Moscow. Consequently, India’s trade deficit with Russia widened to US$4.8 billion until May this fiscal from just US$902 million a year before.
DGCIS data reveals, between April and May, India’s imports of crude oil from Russia climbed 621% to US$3.2 billion, while those of petroleum products jumped 879% to US$509 million. Similarly, imports of coal, coke and briquettes, etc surged 210% to US$520 million. Fertiliser purchases, too, skyrocketed 808% to US$345 million.