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India’s Petroleum Exports To Europe Up 2,53,788% Since 2018
India’s petroleum exports to various European markets have seen an extraordinary increase of 2,53,788 per cent in volume between 2018-2019 and 2023-2024. This surge was driven by logistics challenges during the COVID-19 pandemic and the geopolitical impact of Russia’s invasion of Ukraine in early 2022, which boosted demand for Indian petroleum in Europe.
In terms of value, India’s exports to these countries grew by 250 per cent. According to trade data from the Ministry of Commerce and Industry, around 15 to 17 European nations consistently rank among the top 100 countries to which India exports petroleum products each year.
The Netherlands leads the list of European countries importing petroleum from India. In 2018-2019, the Netherlands imported 9,740.51 metric tons (MT) of petroleum products, a figure that surged to 24.73 million metric tons by 2023-2024. In terms of value, imports from India grew from $5.9 billion (Rs 489.7 billion) in 2018-2019 to $20.5 billion (Rs 1,703.5 billion) in 2023-2024.
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