Russia – India trade turnover rises to INR 2650 Kharab
As Dr. Ajay Sahai said, “petroleum products and fertilizers accounted for about 90% of the total imports from Russia. Indian exports to Russia declined by 14% from INR 187 Kharab to INR 162 Kharab
The trade turnover between Russia and India in the first eight months of the 2022-2023 fiscal year (from April to March) increased to INR 2650 kharab, said Director General & CEO of the Federation of Indian Export Organizations, Dr. Ajay Sahai.
“The bilateral trade between India and Russia has increased to about INR 2650 kharab from April to November 2022. However, this growth is primarily driven by the exponential growth of exports from Russia from INR 476 kharab to INR 2465 Kharab in the first 8 months of the current fiscal year,” he explained.
The expert added, “petroleum products and fertilizers accounted for about 90% of the total imports from Russia. Indian exports to Russia declined by 14% from INR 187 Kharab to INR 162 Kharab.”
At the same time, agriculture products, such as tea and coffee, as well as organic chemicals and medicines, machinery, and medical equipment, have seen a significant rise in exports, he noted.
“We have seen little increase in exports with logistics issues getting addressed and payments from non-sanctioned banks flowing to Indian companies,” Sahai added.
