Question
According to the data provided by the Department of
Commerce which country has emerged as India’s seventh-largest trading partner in the first five months of 2022-23?Solution
According to the data provided by the Department of Commerce ,India’s bilateral trade with Russia between April and August skyrocketed to a record high despite pressure from West to curb energy imports from the sanctions-hit aggressor of Ukraine. India-Russia trade figure during the five-month period of the financial year 2022-23 clocked $18,229.03 million. Out of the total India-Russia bilateral trade of $18,229.03 million during the five months, imports accounted for $17,236.29 million, while exports to Russia stood at just $992.73 million. Imports from Russia surged over 500% year-on-year during the months of June, July, and August. Petroleum oil and other fuels products such as mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes accounted for 84% or $14,476.52 million of the India’s total imports from Moscow between April and August 2022. Fertilisers and fuels collectively constituted 91% of the total imports from Russia during the year. Due to the surge since April, Russia has emerged as India’s seventh-largest trading partner after US, China, UAE, Saudi Arabia, Iraq, and Indonesia in the first five months of 2022-23.
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