FUELLED BY a surge in import of oil and fertilisers, India’s bilateral commerce with Russia has soared to an all-time excessive of $18,229.03 million in simply 5 months (April-August) of this monetary yr (2022-23), in accordance with the most recent information out there with the Division of Commerce.
In distinction, the full annual bilateral commerce between the 2 nations 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 the sharp spike in commerce, Russia has now turn into India’s seventh largest buying and selling accomplice — up from its twenty fifth place final yr. The US ($57,632.37 million), China ($50,792.83 million), UAE ($36,820.33 million), Saudi Arabia ($23,995 million), Iraq ($18,822.27 million) and Indonesia ($18,816.58 million) had been the six nations which recorded larger volumes of commerce with India in the course of the first 5 months of 2022-23.
Of the full $18,229.03 million bilateral commerce in April-August, India’s imports from Russia accounted for $17,236.29 million, whereas New Delhi’s exports to Moscow had been solely value $992.73 million, leaving a adverse commerce stability 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.
Up to now, there have been solely two events when bilateral commerce between the 2 nations crossed the $10 billion mark – in 2017-18 ($10,686.85 million) and 2019-20 ($10,110.68 million).
An evaluation of the info exhibits that Russia’s share in India’s whole commerce has elevated to three.54%, up from 1.27% in 2021-22. Whereas Russia’s share in India’s whole commerce was 2.1% in 1997-98, it has hovered beneath 2% for the final 25 years.
The document degree of bilateral commerce between India and Russia is principally as a result of a sudden soar in imports from Moscow, which started to surge earlier this yr. There was an over 500% enhance in three months – 561.1% in June, 577.63% in July and 642.68% in August – as in comparison with the identical months of the earlier yr.
Petroleum oil and different gas gadgets (mineral fuels, mineral oils and merchandise of their distillation; bituminous substances; mineral waxes) accounted for 84% of India’s whole imports from Russia in April-August this yr, including as much as $14,476.52 million as in comparison with $1,593.58 million final yr.
Fertilisers had been second, with imports from Russia surging by 666.24% to $1,236.96 million in April-August this yr, up from $161.43 million throughout the identical interval final yr. Fertilisers and gas collectively account for over 91% of the full imports from Russia this yr.
However, pharmaceutical merchandise ($176.51 million) and natural chemical substances ($117.29 million) had been the 2 principal gadgets shipped to Moscow.
India had a constructive commerce stability with Russia from 1997-98 (the latest yr for which comparable information is accessible) to 2002-03. However from 2003-04, New Delhi’s commerce stability with Moscow has remained adverse.
In 1997-98, India had commerce with 224 nations and areas and Russia was its sixteenth largest buying and selling accomplice. Nonetheless, Russia’s place step by step fell, slipping to thirty fourth in 2013-14. It started climbing up from 2014-15, and was India’s twenty third largest buying and selling accomplice in 2017-18. After that, it remained between twenty fifth to thirtieth place, earlier than climbing to seventh place in 2022-23.