India-Russia Trade Relations – Massive Hike in Russian Exports to India in 2018

In what comes as a big boost to India-Russia Trade Relations, Russia’s exports to India have seen a 40% hike. Russia’s exports to India increased 40% between January 2018 and April 2018 as compared to the same time frame in 2017. Exports from Russia to India reached USD 2.2 billion as informed by Russia’s trade mission in India. 
As reported by Tass, the highest growth of about 600% has been seen in leguminous crops. The areas of sunflower and oil crops seed have also witnessed a significant growth as compared to 2017. The export of leguminous crops went up from USD 2 million to USD 14.5 million in 2018. As for sunflower and oil crops, the exports went from USD 37,200 to USD 207,400 US dollars which amounts to a hike of 457% in these areas. These numbers are evidence of large developments in India-Russia relations over trade and encouraging for the future course of India-Russia relations.

Other sectors which have seen significant growth in exports include radar equipment, navigation tools, compasses, electric transformers and others. The export of radar equipment went up from USD 2.7 million to USD 39.3 million. As for the navigation tools, Russia’s exports to India increased from USD 4.6 million to USD 23.9 million. The exports of electric transformers also went from USD 2.5 million to USD 13.2 million. Russia’s exports to India also include uncut diamonds, chemical fertilizers, polymers, paper, plastic items, minerals, synthetic rubber, oil products etc.

Russia’s Imports from India Also Increased

Not just Russia’s exports to India but also Russia’s imports from India have grown. Russia’s imports from India have increased by 10.7% in the same tenure. This speaks for a great balance in India-Russia relations in trade. India’s exports to Russia including coffee, rice, raisins, grapes, canned vegetables, tea, medicines and others. The two nations have pledged to further consolidate India-Russia relations by escalating bilateral trade to reach USD 30 billion by 2025.
Comments