On the import side too, the war has led to new import partners. Energy exporters such as Oman, Peru and Nigeria broke into India’s top 20 import sources. (Reuters)India’s trade flows have begun shifting amid the prolonged closure of the Strait of Hormuz since March, as traders have begun finding alternate routes to export goods amid disruption in trade with countries in the West Asia region, an analysis of data shared by the Commerce and Industry Ministry showed.The most notable shift in trade routes was seen in the two transshipment hubs that India has free trade agreements (FTA) with – UAE and Singapore. Replacing UAE, Singapore became India’s second largest export market in April, registering a five-fold jump compared to February.The Strait of Hormuz was closed on March 2. While exports to Singapore surged by 180% in April to $3.20 billion compared to $1.14 billion a year ago, exports to UAE slipped by 36% to $2.18 billion last month compared to $3.43 billion a year ago. Exports from Singapore have been rising month-on-month too since February amid the disruption in trade with UAE.On the import side too, the West Asia war has led to new import partners. Energy exporters such as Oman, Peru and Nigeria broke into India’s top 20 import sources. Shipment from Oman alone more than tripled to $1.48 billion in April compared to $429.58 million.These changes come as traditional sources of energy are facing restrictions. Imports from Qatar in March slipped by 47% to $537.34 million compared to $1.03 billion during March last year. However, imports from Saudi Arabia recovered sharply in April to $3.85 billion compared to $2.06 billion in March.The war in West Asia has led to a sharp jump in global energy prices, with the closure of the Strait of Hormuz and damage to Gulf nations’ energy infrastructure adversely impacting supplies. For India, in addition to a widening of the import bill and a cloudy outlook for exports, the conflict has directly impacted the rupee, which has fallen to multiple record lows against the US dollar on its way to tumbling 5.2% since the end of February.To ward off further pressure on the currency, the government has been taking austerity measures to ease the strain on the use of foreign currency and reduce fuel consumption. In addition to a hike in the import duty on precious metals, oil marketing companies on Friday increased the pump price of petrol and diesel for the first time in four years.Story continues below this adThe Strait of Hormuz, the narrow waterway between Iran and Oman, is a critical maritime choke point that accounted for about a fifth of global oil flows before the West Asia war began on February 28. Since then, vessel movements through the strait have been effectively halted, leading to an unprecedented global energy supply crisis.According to the latest assessment by the US Energy Information Administration (EIA), West Asian oil producers Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain collectively shut in 10.5 million barrels per day (bpd) of crude oil production in April, up from 8.9 million bpd in March.The EIA has also revised upwards — by 19%— the estimated West Asia oil production shut-in for March from its earlier estimate of 7.5 million bpd. The estimated shut-in in April is a little over 10% of the global liquid fuels consumption.Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape. Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include: Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies. Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector. Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at: Mint CNBC-TV18 This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles. Find all stories by Ravi Dutta Mishra here ... Read More © The Indian Express Pvt Ltd