Recent Scenario of Bilateral Trade Relations between India and Russia

28 September 2017

India exports to Russia stood at just USD 1.81 billion compared with USD 41.99 billion to the United States during the year 2016. India Russia trade deficit stood at USD 2.97 billion as the imports recorded USD 4.78 billion in 2016. India Russia bilateral trade stood at USD 6.59 billion in 2016. The trade balance between India and Russia with a deficit in 2015 recorded USD 2.91 billion and USD 1.99 billion in 2014. India Russia trade ties have been below potential and in the favour of Russia as it is mainly a buyer seller relationship and not based on partnerships through investments.

Indo-Russian relations has also been built on trade as both countries setting a target for USD 30 billion in bilateral trade by the year 2025 and both countries are looking to develop a free trade agreement. India and Russia are looking to undertake joint economic projects in Eurasian region. They are expected to launch a process to create a free trade zone under Eurasian economic union. This article provides the details of bilateral trade between India and Russia including imports and exports statistics.

India Russia Trade: India Exports to Russia

India is world’s largest producer of milk and top exporter of meat and edible meat products but exports to Russia are negligible. It is mainly due to the strict quality standards and Russia’s preference for agriculture products from Europe and other neighbouring countries. Russia is expected to increase imports of fruits, vegetables, meat and dairy products from India which is decided under a trade agreement between these two countries. However, India exports to Russia mainly includes pharmaceutical, machinery, coffee-tea, organic chemicals and electronics. India’s overall exports to Russia have been declined by 7% from 2012 and recorded USD 1813.88 million in 2016. Top Indian ports where shipments depart to Russia are Nhava Sheva Sea, Sahar Air Cargo and Hyderabad Air.

Indian pharmaceuticals are the most demanded product which is exported to Russia as it recorded USD 335 million during the year 2016. While the India exports of this product to Russia has been decreased by 12% between 2012 and 2016. Machinery exports from India to Russia worth USD 192 million in 2016 and the machinery export is increased by 24% during 2012-2016. Go through the following table to check the top exports of India to Russia.

*Above stats are based on 2016 report

India Russia Trade: India Imports from Russia

The overall India’s imports of goods from Russia have been increased by 3% from 2012 to till the year. India is the second largest market for the Russian defence industry. India imports bombs, grenades, mines and missile from defense industry of Russia. Top Indian Ports where shipment arrived from Russia are Cochin Sea, Vizag Sea and Nhava Sheva Sea. The product under HS code 71 has imported from Russia with the value of USD 2024 million during 2016. This product includes natural or cultured pearls, precious or semi-precious stones, precious metals and articles thereof. India has increased its imports of precious stones from Russia by 24% between 2012 and 2016.

As per the India Russia trade statistics, the iron and steel import in India from Russia have been declined by 16% during the same period. Refer the below table to check the top India imports from Russia.

*Above stats are based on 2016 report

Sample

Export Genius provides the import export data and you will get analysis report on India Indonesia bilateral trade statistics which will be based on actual shipment records. Here, we are providing the sample of India imports from Indonesia as mentioned below. This sample will get you a fair idea about the data fields that are covered in our report.

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