https://sputniknews.in/20221220/indian-exports-to-russia-picking-up-amid-record-bilateral-trade-169566.html
Indian Exports to Russia Picking Up Amid Record Bilateral Trade
Indian Exports to Russia Picking Up Amid Record Bilateral Trade
Sputnik India
Russia has risen to fifth place among India’s top trading partners this year, registering $27 billion in bilateral trade in the first 10 months of 2022. 20.12.2022, Sputnik India
2022-12-20T19:04+0530
2022-12-20T19:04+0530
2022-12-20T20:22+0530
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India's outbound shipments to Russia have started picking up, customs data showed on Tuesday, indicating that payment and logistic issues have been resolved between the two countries.As per Indian Commerce Ministry statistics, the country's exports to Russia registered 3.7% growth compared to 2021, reaching $280 million in October. On a cumulative basis, exports to Russia fell nearly 13.83 percent between Jan-October to $2.28 billion compared to $2.64 billion in the same period of 2021.However, Ajay Sahai, director-general (DG) of the Federation of Indian Export Organizations (FIEO), expects a substantial jump in India’s exports to Russia in the coming months.Meanwhile, Indian and Russian banks have already opened special accounts to facilitate bilateral payments in the Indian rupee.Since the start of Moscow’s special military operation in Ukraine, Indian exports to Russia were squeezed until August due to payment and logistics issues triggered by Western sanctions.In contrast, however, imports from Russia jumped to a record high this year, primarily due to oil purchases by Indian refiners. In October, India bought $4.1 billion in mineral oils, compared to $399 million last year.Between April and October, India imported over $21 billion worth of oil from Russia, registering a 727 percent jump compared to the same period in 2021.
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russian oil price, indian trade with russia, russia ukraine war impact on india, russia crude oil to india, us sanction against russia, payments in the indian rupee, india-russia trade
russian oil price, indian trade with russia, russia ukraine war impact on india, russia crude oil to india, us sanction against russia, payments in the indian rupee, india-russia trade
Indian Exports to Russia Picking Up Amid Record Bilateral Trade
19:04 20.12.2022 (Updated: 20:22 20.12.2022) Russia has risen to fifth place among India’s top trading partners this year, registering $27 billion in bilateral trade in the first 10 months of 2022.
India's outbound shipments to Russia have started picking up, customs data showed on Tuesday, indicating that payment and logistic issues have been resolved between the two countries.
As per Indian Commerce Ministry statistics, the country's exports to Russia registered 3.7% growth compared to 2021, reaching $280 million in October.
The data suggests Russian traders mostly ordered tea, coffee, vegetables, chemicals, as well as iron and steel products.
On a cumulative basis, exports to Russia fell nearly 13.83 percent between Jan-October to $2.28 billion compared to $2.64 billion in the same period of 2021.
However, Ajay Sahai, director-general (DG) of the Federation of Indian Export Organizations (FIEO), expects a substantial jump in India’s exports to Russia in the coming months.
“The logistics-related challenges have started easing, and alternative shipping routes via Turkey are also being considered,” Sahai commented.
Meanwhile, Indian and Russian banks have already opened special accounts to facilitate bilateral payments in the Indian rupee.
Since the start of Moscow’s special military operation in Ukraine, Indian exports to Russia were squeezed until August due to payment and logistics issues triggered by Western sanctions.
In contrast, however, imports from Russia jumped to a record high this year, primarily due to oil purchases by Indian refiners. In October, India bought $4.1 billion in mineral oils, compared to $399 million last year.
Between April and October, India imported over $21 billion worth of oil from Russia, registering a 727 percent jump compared to the same period in 2021.
