Russia is India's fifth largest trade partner, jumps from 25th
NEW DELHI: Driven largely by a surge in oil imports, Russia has emerged as India's fifth largest trading partner during April-September, jum from the 25th place at the end of the last financial year, official data showed.
The large shipments of oil and fertiliser have also meant that the trade deficit with Russia, pegged at just over $20 billion during the first half of the current financial year, is next only to China's $44.6 billion.
In fact, among India's top five trading partners, China and Russia are the only countries where exports have taken a beating during the first half of the year, when overall exports had grown by 17%.
The US and China have retained the top two spots (see graphic). Trade with the US rose 20% due to an increase in exports (15% to $41.5 billion) and imports (29% to $26 billion). In case of China, there has been a decrease in exports of copper, cotton and ores among the major commodities, resulting in India's shipments to its neighbour falling 36.6% to $7.8 billion, while imports have shot up 23.6% to over $52.4 billion during this period.
Disaggregated data released by the commerce department showed that India's exports to Russia fell 19% to $1.3 billion during the first half of the current financial year. In contrast, imports surged five times from $4.2 billion during April-September 2021 to $21.3 billion in the first half of FY23. During this period, the value of Russian oil shipped to the country soared 8.3 times to nearly $18 billion, while fertiliser saw an even higher jump (see graphic).
The government has let oil companies buy more crude from Russia, which emerged as the biggest source for Indian crude in October, despite pressure from the US and other countries to stop imports after the war in Ukraine started in February.
Foreign minister S Jaishankar and oil minister Hardeep Puri have maintained that India will keep giving top priority to securing its interests, even as FM Nirmala Sitharaman has said that purchase of Russian crude has helped manage inflation.
We should insist on rupee based transactions with Russia and other countries to avoid the deplition of dollors
Raghav D • Pipe • Bangalore
Europe will be bankrupt and defenseless soon. Sending all weapons to ukraine and no energy for their industries. Their industries will move to US.
WHY WE ALL FLOCKING TO THE BANKRUPT COUNTRIES? WHY DONT WE ALL FLOCK TO RUSSIA?
Yes, look at the crowd waiting in front of the US consulates in India, and those waiting next to Russia consulates?
India’s interest first.. and by the way india’s import from russia is still nothing compared to Europe
Avoid China . Reduce trade from China as much as possible and early.
Looks bad on us that we are funding Russian war.
Did Ukraine , Europe, USA stop doing trade business with China after Galwan incident or everytime china attacked us ?
We have to look after our interest and no one should lecture us.
Did India stop trading with China,after Galwan?
After Galwan, India continued to do business with China.
Modi uses all the goods made in foreign countries. He likes only foreign goods, more than 5 lakhs of students go abroad to study and paying in foreign currency. That also all the childern of present ruling class.
Russia, France have always stood by Bharat. usa is a opportunist country. Can never be trusted
France is building engines for Chinese attack helicopters. All Chinese defence equipment is based on Russian designs. Every country is on its own.
Can't we stop dependence on China???
so what's wrong in it
Why we are still trading with China ? Is our government slee ? Or trying to play double game
Osama Ali Khan
Iran could have given us cheaper oil than Russia but Modi is GHULAM of Christian SHAITAANS of America. What a shame to have Modi like PM who is scared of these CHRISTIAN TERRORISTS of America. Biggest SHAITAAN in world is America n Modi is GHULAM of these Christians. I am ashamed to b Indian under Modi
Most Bhakths who worship Russia should realize that US is India's largest trade partner AND largest investor in India. US is also the country with which India has a trade surplus. India runs trade deficits with China, Germany, Russia etc. So bhakths need to be aware before bad mouthing the US, you do not make holes in your own plate. Putin worship is fine as long as you do not spit on the US.
Jaise Ko Taisa
It is a shame for India to be a part of war monger Russia.
China is our number second trading partner. So much for bhakts ranting boycott Chinese goods.
is there any use for common Indian ?
It will be on the top list very soooon