Ukraine war: Imports from Russia rise 3.5 times, driven by oil | Indian Business News
Since February, when Russia attacked Ukraine, imports have risen nearly three and a half times to $8.6 billion, compared to $2.5 billion in the corresponding period in 2021.
Aside from petroleum, some other product categories, such as fertilizers and edible oil, also saw significant increases, according to detailed figures available with the Ministry of Commerce. Coke and steam coal also saw sharp increases.
Enterprise exports and precious and semi-precious stones, diamonds significantly, are among the sectors whose imports have shrunk.
The escalating imports come against the backdrop of shrinking exports, which led to a widening of the trade deficit during the first two months of 2022-23 to $4.8 billion, compared to $900 million in the corresponding period last year.
During the months of April and May 2022, imports of mineral fuels jumped sixfold to reach $4.2 billion. Official figures showed that the value of crude oil shipments within this sector amounted to about $3.2 billion, compared to no import during the months of April and May 2021.
Except for a drop in February, when the war began, the import The value of “mineral oil” from Russia rose in each subsequent month, reaching $5.3 billion from February to May 2022 – a fivefold jump compared to the corresponding period last year.
The figures show that since March, the government has not been shy about allowing imports from Russia despite international pressure, at least in regions with large deficits. Government sources said the sanctions imposed by the West have helped India get a better deal from Russian companies and it is in the country’s economic interest to seek what is best for it. Indeed, unlike the early days of the war when Indian oil refineries were buying large volumes of high seas sales, the figures show that transactions are done straightforward because crude oil is exempt from sanctions.
As a result, fertilizers have seen an even greater rise, with shipments up more than eight times in value to $608 million since the war began in February.