How Russian Oil Bulked Up India's Exports

Import of petroleum-related products from Russia accounted for $27.7 billion in April-December 2022, a 700% increase from $3.4 billion a year ago.

- JOE C. MATHEW

India-Russia bilateral trade hit a high of $35 billion in April-December 2022, with $32.8 billion contributed by imports, a 400% jump from $6.5 billion in same period of the previous year. Within imports, petroleum-related products accounted for as much as $27.7 billion, a 700 % increase from $3.4 billion a year ago. If foreign trade data of first nine months of FY23 is any indication, Russia is set to become India’s fifth-biggest merchandise trade partner, up from 25th last year. The reason is surge in imports, especially oil, from Russia.

 In the past 10 years, Russia has been among India’s top 25 trade partners only thrice. The first was in FY18 when it was 23rd with trade of $10.7 billion. In FY20 and FY22, it was 25th, with trade of $10 billion and $13 billion, respectively. In comparison, FY23 is going to be spectacular.