India Russia target trade of $30 billion

India and Russia have agreed to enhance bilateral trade to  $30 billion during EAM Mr S. Jaishankar’s visit to Moscow. Bilateral trade increased by over 305% YoY during April-August 2022-23. Majority of this is due to increase in imports of oil and fertilisers by India during this period.  

India Russia image 1

Image Credit: MEA (Twitter)

India and Russia have agreed to increase trade and economic cooperation, during a meeting held between External Affairs Minister Mr S. Jaishankar and his counterpart Sergey Lavrov. During his visit to Russia, Mr Jaishankar also co-chaired a meeting of the Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation with Russian deputy prime minister Denis Manturov.

Exports by India have, however, decreased by 24.43% YoY to US$ 992.73 million between April-August 2022 . Some exceptions to this overall trend were Animal Or Vegetable Fats (104.6%), Tobacco (557.61%), Railway Or Tramway Locomotives (1,781.12%), organic chemicals (32.27%) and Inorganic Chemicals (78.46%).

On the other hand, India’s imports from Russia during the period have surged by 441.85% YoY to US$ 17.24 billion. The majority of this increase is due to Mineral fuels and Mineral oils (growth by 808.43% YoY) and fertilisers (growth by 666.24% YoY).

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