India’s bilateral commerce with Russia has reached an all-time excessive of $18,229.03 million in simply 5 months (April-August) of this monetary yr (April-August), on account of improve in imports of oil and fertilizers. Data obtainable with the Department of Commerce.
In distinction, the entire annual bilateral commerce between the 2 international locations stood at $13,124.68 million in 2021-22 and $8,141.26 million in 2020-21. Pre-Covid, it was $10,110.68 million in 2019-20, $8,229.91 million in 2018-19 and $10,686.85 million in 2017-18.
With a pointy soar in commerce, Russia has now turn into India’s seventh largest buying and selling associate – up from its twenty fifth place final yr. The United States ($57,632.37 million), China ($50,792.83 million), the United Arab Emirates ($36,820.33 million), Saudi Arabia ($23,995 million), Iraq ($18,822.27 million) and Indonesia ($18,816.58 million) had been the six international locations that recorded the best share of commerce with India throughout this era. Traded quantity. The first 5 months of 2022-23.
Of the entire bilateral commerce of $18,229.03 million in April-August, India’s imports from Russia stood at $17,236.29 million, whereas New Delhi’s exports to Moscow had been solely $992.73 million, leaving a unfavorable commerce steadiness of $16,243.56 million.
In 2021-22, India’s exports to Russia stood at $3,254.68 million, whereas imports from Moscow had been valued at $9,869.99 million.
In the previous, there have been solely two events when bilateral commerce between the 2 international locations has crossed the $10 billion mark – in 2017-18 ($10,686.85 million) and 2019-20 ($10,110.68 million).
Analysis of the information reveals that the share of Russia in India’s whole commerce has elevated from 1.27% in 2021-22 to three.54%. While Russia’s share in India’s whole commerce was 2.1% in 1997-98, it’s down from 2% for the final 25 years.
The report degree of bilateral commerce between India and Russia is especially on account of a sudden spurt in imports from Moscow, which began rising earlier this yr. There was a rise of over 500% within the three months – 561.1% in June, 577.63% in July and 642.68% in August – in comparison with the identical months final yr.
Petroleum oil and different gas objects (mineral fuels, mineral oils and merchandise of their distillation; bituminous substances; mineral wax) accounted for 84% of India’s whole imports from Russia in April-August this yr, in comparison with $1,593.58 was $14,476.52 million. million final yr.
Imports from Russia grew by 666.24% to $1,236.96 million in April-August this yr, up from $161.43 million throughout the identical interval final yr. The share of fertilizers and fuels in whole imports from Russia this yr is greater than 91%.
On the opposite hand, pharmaceutical merchandise ($176.51 million) and natural chemical compounds ($117.29 million) had been the 2 predominant objects shipped to Moscow.
India had a constructive commerce steadiness with Russia from 1997-98 (the latest yr for which comparable knowledge is out there) to 2002-03. But New Delhi’s commerce steadiness with Moscow has remained unfavorable since 2003-04.
In 1997-98, India had commerce with 224 international locations and territories and Russia was its sixteenth largest buying and selling associate. However, Russia’s place steadily dropped to thirty fourth place in 2013–14. It started to climb from 2014-15, and was India’s twenty third largest buying and selling associate in 2017-18. After that it fluctuated between twenty fifth and thirtieth place earlier than climbing to seventh place in 2022-23.
With inputs from TheIndianEXPRESS
