Russia’s trade volume with India is exploding, even as India’s Western allies slap sanctions on Russia for its invasion of Ukraine. India’s greatly increased imports of Russian oil and fertilizer are key elements of the trade boom.
Fueled by a surge in import of oil and fertilizers, India’s bilateral trade with Russia has soared to an all-time high of $18,229.03 million in just five months of this financial year , according to the latest data available with the Department of Commerce.
In contrast, the total annual bilateral trade between the two countries 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 trade, Russia has now become India’s seventh biggest trading partner — up from its 25th position last year. The US , China , UAE , Saudi Arabia , Iraq and Indonesia were the six countries which recorded higher volumes of trade with India during the first five months of 2022-23.
Fertilizer and fuel products comprised 91 percent of India’s surging imports from Russia, while India’s exports to Russia are dominated by pharmaceuticals and organic chemicals.
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