Oil & Metals among India's largest imports for FY23

 The Indian economy has improved over the years. In 2023, India had become the 5th largest economy worth 3.75 trillion dollars. Experts predict that it could reach 10  billion dollars by 2030. During the financial year 2022, India imports surpassed the 700 dollars mark.

As per the India import data, the major imports products by India were crude, refined petroleum, coal, gold, diamond and petroleum gas. India made the maximum imports from China, United States, Switzerland, Saudi Arabia and United Arab Emirates.

For the financial year 2023, oils and metals were among India's leading imports. Currently, India's overall imports declined during April 2023. Our India customs data reports suggest that around 65 billion dollars imports were recorded in April 2023. While in earlier months, it was 55 billion dollars. 

India is among the top oil buying countries in the world. India’s major oil supplier countries are Russia, Iraq, Iran, United Arab Emirates and Saudi Arabia. Russia contributes to over 40% of India’s total oil imports. 

According to the India import export data records, India’s crude oil imports were around 1.63 million barrels per day from Russia during the financial year 2023. Russia's Rosneft-backed Nayara Energy was the leading crude oil exporting country to India with a share of 40%. The main reason behind this is the cheap oil and less duty on crude oil exports by Russia. Currently, Russia and Iraq are competing to become India’s top crude oil exporter.

Metals were other most imported goods by India. Iron, Steel, Copper Alloys, Silver, Nickel Alloys, Aluminium  were the crucial metal imports by India during fiscal year 2023. Among those, Iron and Steel were the top imported goods by India. India is the 2nd largest producer and 7th largest exporter of steel globally. During January 2023, there was a 33% year on year increase in imports of steel by India.

Indian steel imports were worth around 596K tonnes in January. India did maximum steel import shipments from China, South Korea, Japan, Russia and Indonesia. In 2023, steel imports from Russia increased to 400% with shipments around 281K tonnes. While India iron ore imports were mostly from South Africa, Australia, Brazil, France and Ukraine. South Africa holds the 65% share of India's total iron ore imports.

Gold is among India's major metal imports. India is ranked 2nd largest importer of Gold globally. This year's India trade data reflects that around 30% decline in Gold imports by India. Till now, India's gold imports are worth 32 billion dollars. Switzerland is the leading exporter of gold to India accounting for over 70% of the country's total gold imports. The United Arab Emirates, South Africa, Peru and Guinea were the top gold exporters to India in FY 2023.

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