According to a new S&P Global Market Intelligence report published on Tuesday, India has emerged as a significant trade partner of Russia and is anticipated to continue being so in 2023, despite significant bilateral trade volatility between Russia and nearly all other markets as a result of the conflict in Ukraine.
The Big Picture 2023 Outlook Report Series from S&P Global Market Intelligence includes the recently released "Global Trade Outlook" report.
"The trade value of all imports from Russia has risen recently, mostly as a result of rising prices for oil, gas, and coal as well as increases in imports from a number of nations. India, which observed monthly increases in Russian import trade values of more than 100% y/y after the Russia-Ukraine crisis began in February 2022, is the group's leader "according to Agnieszka Maciejewska, an economist with S&P Global Market Intelligence.
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The analysis emphasised the anticipated changes in trade as a result of the conflict between Russia and Ukraine as well as the promising picture for containerized trade in 2023 despite a meagre 0.7% year-over-year (y/y) growth in 2022, which was driven by the predicted slowdown in the second half.
Due to its considerable growth in imports from Russia, India is predicted to have an acceleration in trade in 2023. Its anticipated trade value will rise by 3.5% y/y in exports and 1.3% y/y in Imports
, while its projected trade volume will rise by 3.8% y/y and 7.3% y/y, respectively. Mainland In 2023, China is anticipated to be Russia's top importer, followed by Turkey, Belarus, and Kazakhstan.