India-Russia Trade Overview 2021-22

india russia import export data

 Russia has always been a crucial trade partner of India. Russia stands 5th on the list of top trading partners of India. As per our latest India import export data reports, India-Russia trade grew by 45% between 2021-22. And it could reach upto 58% in 2023.

Our Year wise India customs data reports suggest that the bilateral trade between Russia and India totaled around 11.16 Billion USD in 2019, 9.31 Billion USD in 2020, and 12 Billion USD in 2021.


Recently Russia has become the number one crude oil exporter to India. India shipment data suggests that India imported 1 million barrels of crude oil every day in December 2021. This is due to the heavy discount offered by Russia on crude oil to India. 


Through this blog, you will get a detailed overview of India-Russia trade between 2021-22.


India imports from Russia


According to India import data, India's total imports from Russia were around 7.24 Billion USD in 2019, 5.83 Billion USD in 2020, and 8.7 Billion USD in 2021. Crude OIl and Fertilizers are the most imported products from Russia by India.


For the fiscal year 2021, India's major imports products from Russia were Mineral fuels, oils (2.31 Billion USD), Precious Stones & metals (1.38 Billion USD), Electrical Equipment (696 Million USD), Fertilizers (440 Billion USD), Animal, Vegetables Fats & Oils (310 Billion USD), Inorganic Chemicals (235 Million USD), Rubbers (217 Million USD), Iron & Steel Articles (195 Million USD), Optical & Medical Apparatus (159 Million USD) and Iron & Steel (120 Million USD).


India exports to Russia


Our India export data reports suggest that India's total exports to Russia were around 3.92 Billion USD in 2019, 3.48 Billion USD in 2020, and 3.33 Billion USD in 2021. Medicaments and Chemicals are the most exported products by India to Russia.


As per the India trade data for 2021, the top India exports to Russia were Electrical Equipments (644 Million USD), Pharma products (585 Million USD), Machinery (433 Million USD), Chemicals (424 Million USD), Iron & Steel (192 Million USD), Vehicles (178 Million USD), Fish (132 Million USD), Beverages (114 Million USD), Rubbers (86 Million USD) and Apparel & Clothing (86 Million USD).


Recently Russian exporters shared a list of imports from India. These products include power steering pump drive shafts,  turbochargers, fasteners, axles, bearings, bumpers, welding materials, breaks, vegetables & fruit concentrates, pharma ingredients, and crankshafts, etc.


India-Russia Future Trade Forecasts


India and Russia shared a robust bilateral relationship from the time of the USSR. Indian and Russian investors shared a hefty investment in various industrial sectors. These include Information technology, Coal, Nuclear power, Hydrocarbons, Fertilizers, Pharmaceuticals, minerals, and Steel.


Since Russia is facing harsh sanctions from the US. India and Russia both are working towards creating a payment system that eases the transaction process between both nations. As per the experts, the bilateral trade between Russia and India could reach 50 Billion US Dollars by 2025. 


Accelerate your business in Russian Market through Exim GTIS


Exim Global Trade Intelligence System offers the best platform for market research. It is the most cost-effective tool through which you could access the import export data reports of over 200+ countries including India, Russia, Vietnam, Turkey, US, China etc.


If you are looking to import or export goods and products from India to Russia or Russia to India then Exim GTIS is the most relevant tool for market research. Through our global products directory, you can find shipment records of over 5000+ products. You could discover genuine buyers and suppliers through our global companies list.


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