Russia Becomes The Seventh-Largest Trading Partner of India – India’s largest trading partner.
Over the past few years, Russia has established itself as a noteworthy economically for India, and although there have been occasional setbacks, the trade links between the two nations have been consistently getting better.
This is exemplified by the fact that as of 2023, Russia has risen to the position of the seventh-largest trading partner of India.
The objective of this blog post is to investigate the reasons behind this development.
Russia assumes the position of the seventh most significant trading partner of India.
India and Russia share a history of dependable collaboration, and the deepening connections between the two nations have implications for India’s foreign policy.
The association has undergone a significant transformation since the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000, resulting in heightened cooperation across nearly all domains.
In spite of demands from Western countries to limit energy exports from the sanctioned country that invaded Ukraine, the bilateral trade between India and Russia reached an unprecedented peak in 2022-2023.
Despite these hazards, India and Russia have strengthened their trade relationship this year.
According to the Ministry of Commerce and Industry of India, bilateral trade between the two nations surged to a record high of $18.2 billion between April and August of 2022.
The primary factor for this was the escalation in imports of oil and fertilizer.
As per the import data of Russia, the bilateral trade between India and Russia during a five-month period amounted to $18,229.03 million, with imports comprising $17,236.29 million and exports to Russia standing at just $992.73 million.
Notably, Russian imports grew by over 500% on a year-over-year basis in the months of June, July, and August 2022.
Petroleum import data shows that between April and August 2022, petroleum oil and other related fuels such as bituminous materials, mineral waxes, mineral fuels, mineral oils, and their distillation products constituted 84% of India’s overall imports from Moscow, amounting to $14,476.52 million.
As per the Export Import data, fertilizers and fuels made up 91% of all Russian imports throughout the year.
As a result of the upswing that transpired from April onwards, Russia has overtaken countries such as the United States, China, the United Arab Emirates, Saudi Arabia, Iraq, and Indonesia to become India’s seventh-largest trading partner during the initial five months of 2022-2023.
Russia’s oil exports to India surged, elevating it to the position of India’s fifth-largest trading partner in February 2023.
At present, Russia enjoys higher levels of bilateral trade with India than countries like Indonesia, Iraq, Singapore, South Korea, and Australia.
Which country holds the position of India’s largest trading partner?
According to Russia’s import data, the overall bilateral trade between India and the United States in 2021-22 amounted to nearly $96.72 billion.
Of this, India exported commodities worth roughly $45.24 billion and imported goods worth approximately $51.48 billion from the United States.
Over the years, the trade between India and China has been expanding, with bilateral trade amounting to approximately $92.89 billion in 2021-22.
India’s exports to China primarily comprise of raw materials like iron ore, cotton, and organic chemicals, while the country imports finished products like electronics and machinery from China.
India’s third-largest trading partner is the United Arab Emirates, with bilateral trade estimated at approximately $60.36 billion in 2021-22.
As per Indian export and import data, India mainly imports crude oil from the UAE and exports a variety of products, including textiles, jewellery, and engineering goods to the UAE.
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India’s Top 10 Trading Partners
The rising demand for energy resources in India is one of the significant drivers of the growth in trade between Russia and India.
As one of the world’s largest producers of oil and gas, Russia has been a critical partner for India, which has been seeking to diversify its energy sources.
The two nations have been working together in the energy sector for an extended period, resulting in substantial trade in coal, natural gas, and crude oil.
Additionally, there are various other factors contributing to the trade relationship between Russia and India.
According to Indian export and import data, India’s top imports from Russia in the fiscal year 2021-22 were mineral fuels, mineral oils & products, bituminous materials, and mineral waxes, which amounted to $5,035.27 million.
This was followed by imports of pearls, precious or semi-precious stones/metals and articles thereof, imitation jewellery, and coins, which amounted to $1,253.32 million.
Between April and November 2022, India imported several petroleum products from Russia, including crude oil (valued at $19,237 million), as well as coal, coke, and briquettes (worth $3,181 million), among other items.
In summary, various factors have contributed to the growth of trade between Russia and India, including the increasing demand for energy resources in India, the demand for Russian military equipment, and cooperation in other sectors like space exploration.
Both countries have taken measures to facilitate trade, such as improving their transportation infrastructure and streamlining business processes.
With the ongoing growth of their economic relationship, it is probable that Russia will continue to be a significant trading partner for India in the coming years.
To explore the Indian and global markets, including Export data Russia, Russia import data, and Indian export and import data, feel free to contact Siomex.
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