India witnessed a nearly 22 per cent increase in its import bill to $601.70 billion during the ongoing financial year till January 2023 due to a sharp rise in crude oil imports. Data showed that the country's crude oil import increased 43 per cent YoY to $178.4 billion during the same period. In the last 10 years, India’s import bill also increased by 23 per cent to $613.2 billion in FY22 from $489.1 billion in FY 12. While the rise in the last decade is not very substantial, India’s imports from some of the countries witnessed a manifold increase in the past 10 years till FY22.
Here is all you need to know:
A sharp rise
With a 788 per cent rise in imports, Russia's share in India’s total imports increased the most in the past 10 years due to heavy buying of crude oil from the country in the recent past. India imported $37.6 billion worth of goods from Russia during April 2022-January 2023. The figure was around $4.2 billion in FY13. India imported $24.7 billion worth of crude oil so far in FY23 against $2.5 billion in FY22 and $0.8 billion in FY13. Meanwhile, Russia’s share in India’s total imports has increased from 1 per cent to 6 per cent in 10 years. It was followed by Oman as India’s import from this gulf country has seen a 246 per cent rise in the past 10 years to $6.9 billion in FY23 so far from $2 billion in FY13. Oman’s share in India’s total imports is 1 per cent.
Vietnam is ranked third on this list. India’s imports from this Southeast Asian country have increased 218 per cent to $7.4 billion in FY23 from $2.3 billion in FY13. Vietnam accounts for 1 per cent of India’s total Imports. It is followed by Singapore as imports jumped 169 per cent to $20.1 billion in FY23 from $7.5 billion in FY13. Singapore holds a 3 per cent share of India’s imports. Hong Kong is in fifth place. India’s imports from the country doubled in 10 years to $15.3 billion in FY23 so far with two months remaining in the fiscal year from $7.9 billion in FY13. Hong Kong accounted for 2.5 per cent of India’s imports.
Top suppliers to India
China is India’s biggest supplier with total imports worth $83.7 billion so far in FY 23 till January, according to CMIE Economic Outlook. It was followed by UAE at $44.2 billion, the USA at $42.9 billion, Russia at $37.6 billion and Saudi Arabia at $35.5 billion. These top five countries account for 41 per cent of India’s total imports.
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