New Delhi
India imports large quantities of crude oil but exports petroleum products to many countries. Between 2018-2019 and 2023-2024, India’s export of petroleum products to Europe has increased by 253788%. India’s export of petroleum to Europe increased due to logistics problems caused by the Corona epidemic and Russia’s subsequent attack on Ukraine. However, in value terms, India’s exports to these countries increased by 250 percent. According to a report by think tank GTRI, in the first half of the year, India was in a trade surplus position with 151 countries while it suffered a deficit with 75 countries.
According to the data of the Ministry of Commerce and Industry, 15 to 17 countries of Europe are included in the top 100 countries to which India exports petroleum. India’s petroleum export to these countries was 9,740.51 metric tons in 20181-19, which increased to 24.73 million metric tons in 2023-24. In value terms, it was $ 5.9 billion in 2018-19, which reached $ 20.5 billion in 2023-24. During this period, India has exported the most petroleum to the Netherlands. This is due to the Rotterdam Port, which is a hub for important markets in Europe. It is the largest port in Europe.
Trade deficit with Russia
Apart from Netherlands, the European countries importing petroleum from India include UK, France, Romania, Switzerland, Russia, Spain, Belgium, Norway, Poland, Bulgaria, Slovenia, Greece, Ukraine, Germany, Portugal and Finland. India has become the largest exporter of refined fuel to Europe. Reliance Industries and Nayara Energy, a company invested by Russian state-owned oil company Rosneft, dominate the bulk diesel market in India. But due to the import of large quantities of crude oil from Russia, India’s trade deficit with it is also increasing.
