In recent years, Russia has emerged as a significant economic partner for India. Despite a few bumps in the road, trade relations between the two countries have been improving steadily. This is evident from the fact that Russia has now become India's seventh-largest trading partner in 2023. In this blog post, we will explore how this has come to pass.
Russia and India have a history of reliable cooperation. The expanding ties between India and Russia have an impact on Indian foreign policy. The relationship has taken on a qualitatively new character with increased levels of cooperation in practically all fields since the "Declaration on the India-Russia Strategic Partnership" was signed in October 2000.
Despite Western calls to restrict energy supplies from the sanctioned invader of Ukraine, India-Russia bilateral trade in 2022–2023 reached a new high.
India and Russia have improved their trade ties despite these dangers this year. India's Ministry of Commerce and Industry reports that between April and August of 2022, bilateral trade between the two countries reached a new high of $18.2 billion. This was mostly caused by an increase in imports of fertilizer and oil.
According to Russia Import Data, $18,229.03 million in bilateral trade between India and Russia during the course of five months, imports accounted for $17,236.29 million, while exports to Russia were only $992.73 million. Russian imports rose by more than 500% year over year in the months of June, July, and August 2022.
According to Petroleum import data, Petroleum oil and other fuels, including bituminous materials, mineral waxes, mineral fuels, mineral oils, and their distillation products, made up 84% of India's total imports from Moscow between April and August 2022, totalling $14,476.52 million. Throughout the entire year, 91% of all Russian imports were fertilizers and fuels according to Export Import data.
Due to the surge that has occurred since April, in the first five months of 2022-2023, Russia has eclipsed the United States, China, the United Arab Emirates, Saudi Arabia, Iraq, and Indonesia as India's seventh-largest trading partner.
In February 2023, Russia became India's fifth-largest trading partner due to an increase in oil imports from that nation. Russia today has more bilateral trade than nations like Indonesia, Iraq, Singapore, South Korea, and Australia.
According to Export Import data of Russia, the United States is India's largest trading partner, followed by China and the United Arab Emirates.
The total bilateral trade between India and the US in 2021-22 was valued at around $96.72 billion, with India exporting goods worth around $45.24 billion and importing goods worth around $51.48 billion from the US according to Russia import data.
The trade between India and China has been growing over the years, with the bilateral trade in 2021-22 valued at around $92.89 billion. India primarily exports raw materials, such as iron ore, cotton, and organic chemicals, to China, while it imports finished goods, such as electronics and machinery, from China.
However, United Arab Emirates is India's third-largest trading partner, with the bilateral trade in 2021-22 valued at around $60.36 billion. India primarily imports crude oil from the UAE and exports various goods, such as jewellery, textiles, and engineering products, to the UAE according to Indian export and import data. Also, if you need the most updated and current Russia import data, Seair Exim Solutions is the best platform to analyze the current market statistics and much more.
One of the key reasons for the growth of trade between Russia and India is the increasing demand for energy resources in India. Russia is one of the world's largest producers of oil and gas, and India has been making efforts to diversify its sources of energy. The two countries have been cooperating in the energy sector for many years, and this has resulted in significant trade in crude oil, natural gas, and coal. Also, there are several reasons for Russia and India's trade relationship.
In conclusion, the growth of trade between Russia and India has been driven by a range of factors, including the increasing demand for energy resources in India, the demand for Russian military equipment, and cooperation in other sectors such as space exploration. Both countries have been taking steps to facilitate trade, including improving their transportation infrastructure and making it easier to do business. With the continued growth of their economic relationship, it is likely that Russia will continue to be an important trading partner for India in the years to come. So, if you have any queries related to Export data Russia, Russia import data, and Indian export and import data, Contact Seair Exim Solutions to explore the Indian as well as the global market. We will also provide Petroleum import data, HS codes, and much more. Connect today!
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