List of countries where India’s imports have more than doubled in the last decade
China is India’s biggest supplier with total imports worth $ 83.7 billion in FY 23 sourced from China. It is followed by UAE at $ 44.2 billion, the USA at $42.9 billion, Russia at $ 37.6 billion, and Saudi Arabia at $ 35.5 billion.
India’s import bill has surged to $ 601.7 billion in the first ten months (April to January) of the financial year 2023. In FY 22 the country’s imports bill was $ 613.2 billion during the entire fiscal. The value of India’s imports has increased 23 per cent in the last ten years from $ 489.1 billion in FY 12. While a 23 per cent increase in ten years is not very unusual however with some countries India’s imports have witnessed a multifold increase in the last decade. Here is all you need to know.
Countries with the highest growth in India’s Imports: The share of Russia in India’s total imports has increased the fastest at 788 per cent in the last ten years. As in the (10 months of FY 23) from April to January duration India imported goods worth $ 37.6 billion from Russia from $ 4.2 billion in FY 13. Russia’s share in India’s total imports has increased from 1 per cent to 6 per cent. Russia is followed by Oman as India’s import from this gulf country has seen a 246 per cent rise in the same duration to $ 6.9 billion in FY 23 so far from $ 2 billion in FY 13. Oman’s share in India’s total imports is one per cent.
Vietnam is ranked third on this list. India’s imports from this south-east Asian country have increased 218 per cent to $ 7.4 billion in FY 23 from $ 2.3 billion in FY 13. Vietnam accounts for 1 per cent of India’s total Imports. It is followed by Singapore as imports jumped 169 per cent to $ 20.1 billion in FY23 from $ 7.5 billion in FY13. Singapore holds a 3 per cent share of India’s imports. In fifth place is Hong Kong with India’s imports doubled in 10 years to $ 15.3 billion in FY 23 so far with two months remaining in the fiscal year from $ 7.9 billion in FY13. Hong Kong accounted for 2.5 per cent of India’s imports.
India’s biggest good’s suppliers: China is India’s biggest supplier with total imports worth $ 83.7 billion in FY 23 sourced from China. It is followed by UAE at $ 44.2 billion, the USA at $42.9 billion, Russia at $ 37.6 billion, and Saudi Arabia at $ 35.5 billion. These top five countries account for 41 per cent of India’s total Imports.
