Amid declining Indian imports, shipments from Russia, Hong Kong see growth

In the realm of exports, India saw diverging trends among its top 10 markets

Among India’s top 10 import partners, only Russia and Hong Kong saw growth in inbound shipments during the first months of the current financial year (2023-24). This occurred at a time when the country’s overall imports declined by 12.2 per cent, owing to tepid demand and falling commodity prices.

Data compiled by the commerce department reveals that imports from Russia grew two-thirds to $30.4 billion during April-September. Russia became India’s second-largest import partner, after China.

Although disaggregated country-wise trade data was not available until September, the trend for the first five months indicated consistent growth, primarily due to crude oil