Sharp rise in oil shipments changes India export map – Times of India


NEW DELHI: Netherlands has emerged as India’s third largest export destination, trailing the US and UAE, during April-October this year, rising from the eighth spot a year ago. Brazil, which was India’s 20th biggest export destination between April and October 2021, is currently placed eight, according to the latest disaggregated data available with the commerce department.
And, Tanzania has seen imports from India soar three times to $2.4 billion during the first seven months of the current financial year. While the three countries may be spread across different continents, there is a common thread – oil exports. In the case of Tanzania, over 80% or $1.3 billion of the $1.6 billion in exports from India is on account of more petrol and diesel shipped to the African nation.
While an increase in prices have certainly played a role, the increase in oil exports comes at a time when the Russia-Ukraine conflict has upset the oil economics around the globe.
During April-October, India’s total exports went up 12.5% to over $263 billion, while oil product exports soared nearly 70%. In the case of the Netherlands, Brazil, Tanzania, Togo, Israel and Oman, oil shipments have soared at a much higher pace (see graphic).
While several countries have reduced their dependence on Russia-refined oil products, India, which has seen a sharp spike in crude imported from Russia, is seen to be processing it and exporting to many countries, especially in Europe.


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