Trade between Russia and India

The main articles are:

• Russia's Foreign Trade
• India's Foreign Trade

Energy supplies from Russia to India

Main article: Import of oil, petroleum products, gas and coal in India

2024

India became the leader in the growth of fertilizer imports from Russia

In July 2024, it became known that India came to a leading position in terms of the growth rate of fertilizer imports from Russia. This happened against the background of the introduction of Western sanctions against the Russian economy, which led to a significant change in the geography of exports of Russian mineral fertilizers. Read more here.

India has increased the supply of smartphones to Russia 14 times

Shipments of smartphones from India to Russia in the first four months of 2024 increased 14 times, reaching a volume of $85.2 million. This significant increase was recorded in an analysis of data from the Indian Statistical Service conducted by RIA Novosti in June 2024.

In January-April 2024, the volume of shipments of smartphones from India to Russia amounted to $85.2 million, while in the same period last year it was only $6 million. In April of this year, deliveries reached $12.3 million, which is 5.7 times higher than in April last year.

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As a result, Russia rose to 12th place among the main buyers of Indian smartphones, while a year earlier it ranked 23rd. This growth is driven by increased demand for mobile devices in and expansion Russia of Indian exports. electronic engineers

As PRIME notes, the total export of smartphones from India in the first four months of 2024 amounted to $6.6 billion, which is 36% more compared to the same period last year. The largest importer of Indian smartphones remains the United States, which increased purchases 1.8 times to $2.7 billion. The second place is occupied by the UAE with imports of $694 million, which is 27% less than last year. The Netherlands closes the top three with purchases of $572 million.

In addition to smartphones, India has significantly increased the supply of laptops to Russia. In January-April 2024, laptop exports grew 25 times, reaching $17.8 million. This is also a significant increase compared to the same period last year. Globally, more laptops from India were shipped only to the UAE ($62.8 million), and the US ranked third with a figure of $7.4 million.^[1]

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.

For 2022

India expects the project to improve its connection to the North-South international transport corridor, which is being developed jointly with Iran and Russia.

Russia's exports to India are many times higher than imports

Growth in rupee-denominated exports from India to Russia

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

2019: The ruble became the main currency in trade with India when paying for Russian goods

At the end of 2019, according to the Central Bank of the Russian Federation, the ruble became the main currency in trade with India when paying for Russian goods - its share in 2019 reached 76.2% against 38% a year earlier. In 2013-2014. the Russian currency accounted for only 1.1% and 3% of such payments, respectively.

When paying Russians for Indian goods in 2019, the share of dollar payments decreased to 65.3% from 68.3%, but the share of payments in euros increased to 12.6% from 7.9%.

Under contracts with the countries of the European Union in Russia at the end of 2019, the share of payments in euros increased to 38.2% from 34.3% in 2018, in rubles - to 9.1% from 8.4%. At the same time, the share of payments in dollars decreased to 49.5% from 54.4%. Russian buyers paid 48.6% in euros to European suppliers in 2019, as in 2018. Ruble payments increase the gap from payments in dollars - their share increased to 29.5% from 28.4%.^[2]

See also

• Trade between Russia and China
• Trade between Russia and Turkey

Notes