Amidst strong global headwinds, India’s merchandise exports in January 2023 contracted to USD 32.91 billion from USD 35.23 billion in January 2022 and merchandise imports to USD 50.66 billion from USD 52.57 billion in January 2022 even as India’s imports from Russia surged to USD 37.31 billion during April-January of fiscal year 2022-23, posting an on-year growth of 383.88 per cent from USD 7.71 billion in the same period of FY22.
The increase in Russian imports driven by increasing shipments of crude oil from that country, catapults it to the fourth spot in the pecking order of India’s largest import sources during the 10-month period
