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Export of Indian goods to Russia up to $4.3 bln in 2023-2024 financial year

It is reported that despite the growing interest from Russia to import Indian goods, exporters face challenges due to the fear of sanctions and the reluctance of banks to process transactions

NEW DELHI, May 28. /TASS/. India’s exports to Russia increased by more than 35% to $4.3 bln in the financial year 2023-2024 (ended on March 31), The Economic Times newspaper reported citing India's official figures.

A substantial increase in the export of engineering goods, machinery, machine parts and aircraft spares to Russia was mainly behind the growth. Of the $1.2 bln increase in exports to Russia, nearly half was attributed to machines and machine parts, including electronics. Meanwhile traditional exports such as pharmaceuticals, tea, coffee, and tobacco either stagnated compared with the previous financial year or declined. Indian supplies of car components did not influence the growth of exports to Russia due to exporting companies' seriously depending on global car manufacturers.

Despite the growing interest from Russia to import Indian goods, exporters face challenges due to the fear of sanctions and the reluctance of banks to process transactions, The Economic Times wrote.

Trade turnover between Russia and India reached $65.7 bln in 2023. Russia keeps the position of India’s fourth-biggest trade partner. Energy resources comprise the bulk of Russian exports to India. In 2023, exports of Russian oil and petroleum products doubled to $45 bln and $4.5 bln, respectively.

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