Now Reading: West Asia war drives Indian oil exports to new markets
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West Asia war drives Indian oil exports to new markets
Propelled by oil, Singapore has become India’s third largest goods export destination in the first quarter, government data shows. Tanzania and South Africa have broken into the top 10, while Italy and…
The Story in Brief
Propelled by oil, Singapore has become India’s third largest goods export destination in the first quarter, government data shows. Tanzania and South Africa have broken into the top 10, while Italy and Spain top the growth charts with oil product shipments surging from a few million dollars to hundreds of millions. The West Asia crisis has opened new markets for Indian refineries amid supply disruptions.
The share of oil products in exports to Tanzania rose to 77% from 59% a year ago, and doubled to 32% for Sri Lanka. Two-thirds of exports to Singapore are now refined goods. The government imposed a windfall tax on certain products to curb outward movement. Higher prices also boosted export values.
The Indian Opinion
It is easy to paint this as a windfall from someone else’s war. But the data also shows a government alert enough to impose a windfall tax, a rare restraint. The real test will come when global crude prices ease: will these new markets stay loyal to Indian refineries, or were they merely desperate buyers? Watch the volume numbers, not just the value.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
