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India’s Merchandise Imports To Cross $700 Billion In FY23
The commerce ministry is expected to release the official figures for exports and imports for 2022-23 by mid of April
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India’s merchandise imports are estimated to increase by about 16 per cent to USD 700 billion in this fiscal year due to an increase in the shipment of coal, diamonds, chemical and electronics, Global Trade Research Initiative (GTRI).
GTRI also underlined that the Indian economy will be moderately impacted by weak global demand and recession.
GTRI added that the crude imports grew by 53 per cent over the last fiscal. Iraq (USD 36 billion), Saudi Arabia (USD 31 billion), Russia (USD 21 billion), UAE (USD 7 billion) USA (USD 11.9 billion) are the top suppliers of crude oil for India in which imports from Russia increased by 850 per cent.
The import of the country's coke and coal during 2022-23 is expected to touch USD 51 billion.
While India's diamond imports are estimated at USD 27.3 billion this fiscal, this was exported and earned USD 24 billion for the country.
The commerce ministry is expected to release the official figures for exports and imports for 2022-23 by mid of April.