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Commerce Ministry Allocate Russia's list of goods for Import from India with exporters

According to officials in the commerce ministry, a list of hundreds of goods, including textiles and auto parts, that Russia has proposed to India for imports was recently distributed to exporters. As a result of its foray into Ukraine, Russia has revealed a list of hundreds of products that are subject to sanctions placed on it by western nations. These products include from the chemical, automobile, textile, and pharmaceutical industries.. In this blog we will discuss the recent notification on Commerce Ministry Allocate Russia's list of goods for Import from India with exporters.

Ministry of Commerce Allocate Russia's List of goods

A list of hundreds of products, including auto components and textiles, that Russia has offered to India for imports was recently shared with exporters by the commerce ministry, according to an official. Russia has disclosed a list of hundreds of goods that are subject to sanctions imposed by western countries as a result of its invasion of Ukraine, including goods from the pharmaceutical, textile, car, and chemical industries.

Russia is requesting these products from India. India Exports claims that the ministry has granted access to the list to the exporters and related export promotion councils so they may decide if they can sell those goods to Russia.

Industry analysts claim that because Indian exporters are having trouble finding containers for Russia, it will be difficult for them to transfer these goods there.

These goods might be offered by Indian exporters, but there aren't many ships or containers destined for Russia right now. Indian exporters are unable to supply even though they have the required supplies, according to one of the professionals, despite the fact that there are very few businesses accepting orders for Russia.

The transportation of the goods has attracted interest from the apparel sector, but the auto industry seems concerned. Some exporters have been in touch with the Indian embassy in Moscow over the list.

Further Statement by FIEO

Russian customers are inquiring about a wide range of Indian items, according to Federation of Indian Export Organizations (FIEO) Director General Ajay Sahai.

With a diverse export portfolio including the US and the EU, Indian exporters are evaluating the suggestion since they must be cautious with the sanctions. We anticipate that shipments will begin under this mechanism from the current month because payment mechanisms are ready to launch in a few days and logistics choices are becoming available, "said Sahai.

Russia's Goods for Import from India with Exporters

The commerce ministry has announced list of goods for import from India with exporter’s are-

  • Axles
  • Crankshafts
  • Fasteners
  • Pistons
  • Power steering pump drive shafts
  • Oil pumps, valve springs
  • Turbochargers,
  • Oil filters
  • Spark plugs
  • Ignition coils
  • Seat belts
  • Bumpers
  • Welding materials
  • Bearings
  • Breaks
  • Sterilization equipment
  • Number of active pharma ingredients (APIs)
  • Fruit and vegetable concentrates

Further, India now obtains a significant amount of oil from Russia. Since it started trading at a discount as the West avoided it as retaliation for Moscow's invasion of Ukraine, India's thirst for Russian oil has expanded. With a bilateral trade of USD 22.7 billion during the six-month period, Russia has risen to become India's fifth-largest trading partner this fiscal year.

In the same time, exports totalled USD 1.3 billion and imports totalled USD 21.4 billion. Russia ranked as India's 25th-greatest trading partner in 2021–22, with 13.12 billion USD in bilateral trade. In the same time, exports totalled USD 3.25 billion and imports totalled USD 9.9 billion.

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  • Seair Exim
  • 16-Dec-2022

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