India’s crude oil import bill decreased by 16% YoY to $132 billion in 2023-24 due to lower oil prices, according to the country’s oil ministry data. Domestic crude oil production remained constant, while refined petroleum product imports fell by 13% to $23 billion. Despite a 17% increase in volumes, imports of LNG fell by 22% […]
Crude import bill down 16% in FY24; dependence increases marginally to 87.7%
India’s crude oil imports declined by 16% in the fiscal year ending March 31 due to lower global rates, but import dependency hit a new high at 87.7%. Despite stable domestic production at 29.4 million tonnes, India spent USD 132.4 billion on crude imports. Fuel consumption surged to a record 233.3 million tonnes.
India’s oil meal exports in the 2023-24 fiscal year have reached a record high in both quantity and value, according to data from the Solvent Extractors’ Association. Exports have increased to 4,885,437 tons valued at Rs. 15,370 crores, up by 13% in quantity and 35% in value compared to the previous year. The export of […]
US Trade Representative Katherine Tai highlighted the benefits of India’s decision to remove retaliatory tariffs on several US products, including chickpeas, lentils, almonds, walnuts, and apples. This move has improved market access for American farmers, particularly in Michigan, Oregon, and Washington. The removal of tariffs was part of the resolution of the final outstanding WTO […]
India has permitted limited onion exports to the United Arab Emirates (UAE) and Sri Lanka, despite ongoing restrictions on outward shipments of the vegetable. The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), announced the allowance of an additional 10,000 metric tons (MT) of onions to both the UAE and […]
Iran-Israel conflict: Shipping industry set for tougher times ahead due to West Asia tensions, say experts
2 years ago
Iran’s escalated tensions with Israel through a drone and missile attack have raised concerns in the global maritime industry, causing supply chain disruptions and potential shipping route blockages. The possibility of a Persian Gulf shutdown looms, impacting shipping costs and trade dynamics. Efforts are underway to defuse tensions and maintain supply chains amidst the crisis.
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.
The Directorate General of Foreign Trade has imposed port restrictions on exporting essential commodities to the Maldives due to tensions between India and the Maldives. The move, under the Foreign Trade (Development & Regulation) Act, 1992, restricts exports to four designated Customs Stations, including Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port (JNPT), […]
For the full year, the trade deficit, at $240 billion, was 9.3% lower than the previous year. Exports tumbled 3.1%, as geopolitical tensions continued to plague trade. Imports during this period were down 5.4% from FY23.
India will take a policy decision to mitigate trade impact from Iran-Israel conflict after understanding the consequences. India, a large oil importer, imports significant amount of crude from the Middle East. Oil prices dropped with market downplaying broader regional conflict risk after Iran’s attack on Israel.