 "Switzerland, UAE, China lead double digit imports growth in February")
A jump in imports from Switzerland, the United Arab Emirates (UAE) and China led to a double-digit increase in India’s imports in February, propelling them to a 17-month high.
After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January. While the UAE ($8.2 billion) crossed China ($8.1 billion) as the top source of imports in February, Switzerland (140 per cent) topped the list in terms of annual growth, likely due to a jump in gold imports.
After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January. While the UAE ($8.2 billion) crossed China ($8.1 billion) as the top source of imports in February, Switzerland (140 per cent) topped the list in terms of annual growth, likely due to a jump in gold imports.
In February, imports from Russia (-4.8 per cent) contracted due to lower imports of crude oil, while inbound shipments from USA (-7.35 per cent) and South Korea (-3.3 per cent) also shrank during the month.