A jump in imports from Switzerland, the United Arab Emirates (UAE) and China led to a double-digit increase in India’s imports in February, propelling them to a 17-month high.
After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January. While the UAE ($8.2 billion) crossed China ($8.1 billion) as the top source of imports in February, Switzerland (140 per cent) topped the list in terms of annual growth, likely due to a jump in gold imports.
In February, imports from Russia (-4.8 per cent) contracted due to lower imports of crude oil, while inbound shipments from USA (-7.35 per cent) and South Korea (-3.3 per cent) also shrank during the month.
