Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India's engineering exports to Russia surge amid Ukraine conflict but sanctions remain a concern.

Date: 28-05-2024
Subject: India's engineering exports to Russia surge amid Ukraine conflict but sanctions remain a concern
Russia's ongoing conflict with Ukraine and the resulting international sanctions have significantly impacted India's export landscape. Over the past financial year, India saw a substantial increase in the export of engineering goods, machinery, machine parts, and aircraft spares to Russia, while traditional exports such as pharmaceuticals, tea, coffee, and tobacco either stagnated or declined, reported TOI.

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.

Industry experts suggest that some goods destined for Russia may be rerouted through the UAE, which has benefited from the geopolitical tensions between Ukraine and Russia.

Russia has become India's fourth-largest trading partner, with total trade estimated at $65.7 billion, driven largely by substantial oil imports. However, this trade relationship has also resulted in India having a significant trade deficit with Russia, second only to China, standing at over $57 billion.

There has been some movement towards allowing Russian exporters to invest more freely using rupee payments, facilitated by mechanisms already in place by the Reserve Bank of India (RBI).< ..

Indian exporters remain cautious, primarily due to banks' hesitancy to engage in transactions that might attract sanctions.

The auto components sector, which initially saw increased interest post-sanctions, has largely stayed away due to Indian companies' significant exposure to American buyers and global car manufacturers.

Official data from the financial year 2023-24 shows that exports to Russia increased by over 35% to $4.3 billion, even as India's overall goods exports declined by more than 3%. Of the $1.2 billion increase in exports to Russia, nearly half was attributed to machines and machine parts, including electronics, as per the TOI report.

Source Name : Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 06-06-2024
Notification No. 40/2024 - Customs (N.T.)
Exchange Rate Notification No. 40/2024-Cus (NT) dated 06.06.2024-reg

Date: 16-05-2024
Notification No. 36/2024 - Customs (N.T.)
Exchange Rate Notification No. 36/2024-Cus (NT) dated 16.05.2024-reg

Date: 02-05-2024
Notification No. 34/2024 - Customs (N.T.)
Exchange Rate Notification No. 34/2024-Cus (NT) dated 02.05.2024-reg.

Date: 18-04-2024
Notification No. 30/2024 - Customs (N.T.)
Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024-reg.

Date: 15-04-2024
Notification No.29/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 12-04-2024
Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024

Date: 10-04-2024
NOTIFICATION No. 08/2024- Central Tax
Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024

Date: 09-04-2024
Notification No. 28/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 08-04-2024
Notification No 07/2024 – Central Tax
Seeks to provide waiver of interest for specified registered persons for specified tax periods

Date: 05-04-2024
Notification No. 23/2024-Customs
Seeks to amend No. 64/2023-Customs, dated the 7th december, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024

Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001