India's Import Surge: Key Trading Partners and Economic Shifts

India's imports from key nations like Iraq, UAE, and Russia saw significant increases in May, while imports from China rose modestly. Conversely, imports from some countries like Saudi Arabia and Japan declined. On the export front, India's outbound trade to South Africa and Italy decreased, but saw gains with the US and UAE.

India's imports saw a substantial increase in May, with data from the commerce ministry revealing a 58.68 per cent rise from Iraq, totaling USD 3.76 billion. Similarly, imports from the UAE climbed by about 50 per cent during the month.

Driven largely by oil imports, trade with Russia saw an 18 per cent increase, bringing the total to USD 7.1 billion. Shipments from China also showed modest growth, at 2.82 per cent, reaching USD 8.48 billion.

Contrarily, several major import sources, including Saudi Arabia and Japan, experienced a downturn. On the export side, India's merchandise exports rose by 9 per cent to USD 38.13 billion, despite negative growth from countries like South Africa and Italy. Positive export trends were noted with the US and UAE.