The main articles are:
Energy supplies from Russia to India
Main article: Import of oil, petroleum products, gas and coal in India
2024
India takes control of terminal at Iran's Chabahar port to connect to North-South corridor
India in May 2024 signs a long-term agreement with Iran to operate a terminal in the strategic port of Chabahar, seeking to expand trade in Central Asia.
India expects the project to improve its connection to the North-South international transport corridor, which is being developed jointly with Iran and Russia.
Increase in coal imports from Russia to India by a third to 15.1 million tons
Deliveries of Russian metallurgical coal to India at the end of the fiscal year, which ended at the end of March 2024 calendar, reached 15.1 million tons, which is three times more than a year earlier. This is evidenced by the data of the analytical company BigMint, published in early May 2024.
According to TASS, citing BigMint materials, 73.2 million tons of metallurgical coal were imported to India in 2024, of which 21% accounted for Russian products against 8% in 2021.
Experts attribute the sharp increase in India's purchases of Russian metallurgical coal to significant discounts provided by Russian exporters to Asian consumers.
Australia remained the main supplier of coking coal to India, but in fiscal 2024 that country cut its exports to 40.4 million tonnes from 42.2 million tonnes a year earlier. Australia's share of total Indian imports of this type of coal was 55%.
At the end of November 2023, Reuters, citing its sources, reported that India would increase purchases of coal from Russia due to a reduction in supplies from Australia and high prices. Russian cargo of coking coal is already cheaper than supplies from Australia, and some Russian suppliers are ready to reduce prices. Discounts and payments in rupees helped Indian companies look at the Russian Federation as an alternative source, the publication said.
Australia has formally assured India of a steady supply of coal, but India is keen to go beyond Australia and diversify its import basket.
It was also reported that Indian government-backed steel producers Steel Authority of India (SAIL) and Rashtriya Ispat Nigam Ltd preferred the calculation in rupees for Russian coking coal.[1]
Russia is one of the three largest suppliers of coking coal to India
Russia rose to third place in the ranking of the largest suppliers of coking coal to India, second only to Australia and the United States. At the end of the financial year, which lasted in India from April 1, 2023 to March 31, 2024, approximately 6.4 million tons of coking coal were shipped to this country from the Russian Federation, which is 200% more than in the previous fiscal year. Such data are disclosed in the materials of the publication BusinessLine, published in mid-April 2024. Read more here.
Russia's exports to India are many times higher than imports
2023
Russia became India's fourth trading partner with a trade turnover of $65 billion
Russia India and increased trade turnover in 2023 to a record 65 billion, dollars Moscow became the fourth largest trading partner of Delhi after the United States, and. China UAE
Earlier, Russia for the first time became the second largest supplier of goods to India. The first place among exporters is occupied by China.
Deliveries in the first quarter of 2023 reached $15.5 billion. This is 4.7 times more compared to the same period last year. The growth is due to the rise in energy supplies from Russia amid a decrease in their purchases by the EU countries amid the conflict in Ukraine.
Growth of fertilizer imports from Russia to India by 1.5 times
In 2023, Russia supplied 5.4 million tons of mineral fertilizers to India, which is 1.5 times more than a year earlier. This is evidenced by data from the Indian Ministry of Trade and Industry, published in February 2024. Read more here.
India increased the annual supply of smartphones to Russia 16 times
In 2023, smartphones worth $97.3 million were delivered to Russia from India, which is 16 times more than a year earlier, when the volume of imports was measured at $6.1 million. This is evidenced by the data of the Ministry of Trade and Industry of India, which were released at the end of February 2024. Read more here.
Russia for the first time became the second largest supplier of goods to India. 4.7-fold growth in Q1
Russia for the first time became the second largest supplier of goods to India. The first place among exporters is occupied by China.
Deliveries in the first quarter of 2023 reached $15.5 billion. This is 4.7 times more compared to the same period last year.
2022
Reduction of Russian imports from India by 14% to $1.9 billion due to problems with logistics and payments
Indian imports to Russia in 2022 decreased by 14% from 2.2 billion to 1.9 billion dollars. There are two reasons for the drawdown - problems with logistics and payments.
Export growth from Russia to India fivefold
From February 24 to November 20, Indian imports from Russia grew almost fivefold to $29 billion dollars , compared with $6 billion over the same period a year ago.
Exports, meanwhile, fell to $1.9 billion from $2.4 billion. India hopes to increase its exports to almost $10 billion in the coming months.
In November 2022, Russia asks India for components for key sectors of the economy. Moscow has sent India a list of more than 500 goods for potential deliveries, including parts for cars, aircraft and trains, sources said.
The list, seen by Reuters, is preliminary and it is unclear how many goods and how many will eventually be exported, but an Indian government source said the request was unusual in its scale.
For decades, Russia has been the largest supplier of military equipment to India and the fourth largest market for Indian pharmaceutical products.
Russia has become one of the largest steel suppliers in the Indian market, although exports were minimal until 2022. The share of exports to the Indian market grew by more than 10%.
But amid soaring purchases of Russian oil, as well as coal and fertilizer supplies, India is looking for ways to rebalance trade.
iPhone imports from India to Russia doubled
Parallel import of iPhones from India to Russia in 2022 reached 165 thousand devices. This is double the volume of shipments of Apple phones in 2021. This is evidenced by the data of the GS Group. Read more here.
Russia has supplied $13 billion worth of weapons to India in 5 years
Over 5 years, Russia has supplied $13 billion worth of weapons to India, and the corresponding order portfolio has exceeded $10 billion. This was announced on February 13, 2023 by the head of the Federal Service for Military-Technical Cooperation (FSVTS) of the Russian Federation Dmitry Shugaev. Read more here.
Allowing several Indian banks to open accounts to trade with Russia amid sanctions during Ukraine conflict
In November 2022, the Indian financial regulator Reserve Bank of India (RBI) allowed two more credit institutions of the republic to open specialized accounts enthusiastically for foreign trade settlements with Russian companies, writes the local publication Business Standard, citing its own sources in the industry. These banks were the private HDFC Bank and the state-owned Canara Bank.
Thus, among the authorized banks that have the right to open accounts enthusiastically within the framework of the mechanism developed this summer for conducting foreign trade transactions in rupees, there are already five local credit institutions. In addition to those named, these are the private IndusInd Bank, as well as the state-owned UCO Bank and Union Bank. In addition, RBI also allowed Sberbank and VTB to open such specialized accounts in its branches in India.
Russia becomes India's biggest fertilizer supplier for first time, overtaking China
As of November 2022, Russia for the first time became the largest supplier of fertilizers to India, overtaking China, the share in the Indian market grew to 21%. India increased imports of fertilizers from the Russian Federation by 371% from April 1, 2022. Fertilizers are supplied to India at a discount.
2021
Growth in trade between Russia and India to $14 billion
India is the fourteenth largest importer to Russia
See also
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |