In April, India’s crude imports rose by 269 tb/d, or 7.5%, from the previous month to average 3.9 mb/d. India’s crude imports were the highest since January 2013. Crude imports reflect an annual increase of 235 tb/d or 6.4%.
On the product side, India’s imports saw an increase on a monthly basis by 30 tb/d, or 10%, to average 327 tb/d, while y-o-y imports declined by 56 tb/d or 15%. At the same time, India’s product sales were 3% higher in April. The gain seen in product imports came mainly as a result of increased import volumes of LPG, which increased by 31% from previous month. While fuel oil imports declined by 34%, no kerosene imports were registered in April.
In terms of exports, India’s product exports declined in April by 116 tb/d, or 8%, to average 1.3 mb/d. On a y-o-y basis, product exports saw a greater decline, as they dropped by 287 tb/d or 27%. The decline in product exports has been registered on all products with the exception of jet fuel and fuel oil, which saw a slight gain in exports from last month by 3% and 1%, respectively. Consequently, India net imports increased by 415 tb/d to average 2.8 mb/d, reflecting a gain of 17% m-o-m but a decline of 4% from last year.