Russia has become the top crude oil exporter to India in FY23

 India does the majority of crude oil imports to meet their domestic market. India’s oil imports come from Saudi Arabia, Iraq and Russia. Russia has now become the top exporter of crude oil to India replacing Saudi Arabia and Iraq. According to the India import data records, Russia has exported over 3 billion dollars of crude oil to India in February 2023. While crude oil imports from Saudi Arabia and Iraq were 2.3 billion and 2 billion dollars respectively.

As per India import export data reports, during April to February 2023, Russian oil exports to India rose to 27 billion dollars. On the other hand, there were some significant amounts of crude oil imports from Iraq ($30B), Saudi Arabia ($26B), US ($10B) and Kuwait ($7B).

Another significant import was coal. Although, India is among world's top 5 coal importers in the world. For the financial year 2023, coal imports increased by 5%. Earlier, Australia was the top exporter of coal to India. But in FY 2023, coal imports from Australia had reduced to 50%. And the coal imports from Russia and the United States have increased significantly.

According to the India customs data, coal imports from Russia were around 3.9 million tons in FY22. Russia has now become the second biggest crude oil supplier to India. Reasons for the lower prices of Russian coking coal as compared to Australia. 

India is also a significant importer of Natural gas from Russia. Russia is among the top exporters of natural gas in the world. Demand for Russia's natural gas has grown rapidly due to cheaper prices. The major importers were China, India, Germany, Netherlands and Italy. In the financial year 2022, natural gas imports from Russia surged to 7.5%. According to the Russia export data, India accounts for over 2% of Russia's total natural gas exports.

Among India's top imports, steel was a crucial product imported by India in FY22. According to the India trade data, the imports of finished and semi-finished steel were up by 45% during the financial year 2022. Imports of steel by India were estimated around 7 million tonnes. These include ingots, stainless steel, blooms, slabs, billets, alloyed, non-alloyed steel etc. The majority of steel imports were from Russia and South Korea.

According to the Russia customs data, India's steel imports from Russia are worth 52 million dollars during the fiscal year 2022. As per import export data reports, Korean steel exports to India stood at 68 million dollars. Other major markets were China, Vietnam and Japan.

For the financial year 2022, Russia was the 18th largest trading partner of India. Indian imports from Russia were valued around 11.48 billion dollars during FY22. According to the Russia import export data reports, the top imports by India from Russia were mineral fuels, precious stones and construction materials. On the other hand, our India export data records, Russia's major imports from India are pharmaceuticals, Electrical equipment and nuclear machinery.

Although Russia is facing sanctions from the United Nations and the United states , the exports from Russia are rising at a rapid rate. It is a great opportunity for the investors to make maximum ROI from it. Through Exim Global Trade Intelligence Platform, company’s can extract growth opportunities from the Russian Market. With Exim Russia importers exporters directory, companies can discover genuine buyers, suppliers from Russia and convert them into their leads.