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2022
Flag → Flag
Exports $2.88BRnk 37 / 217
2022
Flag → Flag
Top Product $403MPackaged Medicaments
2022
Flag → Flag
Exports $40.4BRnk 2 / 138
2022
Flag → Flag
Top Product $25.5BCrude Petroleum
2022
Flag
Economic Complexity (ECI) ECI 0.64Rnk 40 / 133
2022
Flag
Economic Complexity (ECI) ECI 0.43Rnk 47 / 133
2022
Flag  
GDP$3.39TCURRENT US$
Rnk 5 / 186
2012-2022
Flag
GDP GROWTH85.2%CURRENT US$
Rnk 24 / 186
2022
Flag
 GDP$2.24TCURRENT US$
Rnk 8 / 186
2012-2022
Flag
GDP GROWTH1.45%CURRENT US$
Rnk 164 / 186
2022
Flag
GDP PC $2,389CURRENT US$
Rnk 140 / 186
2012-2022
Flag
GDP PC GROWTH66.6%CURRENT US$
Rnk 20 / 186
2022
Flag
GDP PC$15,345CURRENT US$
Rnk 63 / 186
2012-2022
Flag
GDP PC GROWTH-0.49%CURRENT US$
Rnk 145 / 186

About

India-Russia Trade: In 2022, India exported $2.88B to Russia. The main products that India exported to Russia were Packaged Medicaments ($403M), Crustaceans ($120M), and Large Flat-Rolled Stainless Steel ($100M). Over the past 5 years the exports of India to Russia have increased at an annualized rate of 2.86%, from $2.5B in 2017 to $2.88B in 2022.

In 2022, India did not export any services to Russia.

Russia-India Trade: In 2022, Russia exported $40.4B to India. The main products that Russia exported to India were Crude Petroleum ($25.5B), Coal Briquettes ($4.28B), and Refined Petroleum ($4.05B). Over the past 5 years the exports of Russia to India have increased at an annualized rate of 43.6%,  from $6.61B in 2017 to $40.4B in 2022.

In 2020, Russia exported services to India worth $627M, with Other business services ($413M), Transportation ($67.5M), and Travel ($59M) being the largest in terms of value.

Comparison: In 2022,  India ranked 40 in the Economic Complexity Index (ECI 0.64), and 15 in total exports ($468B). That same year, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B).

Latest Trends

June, 2024

About

Overview In June 2024, India exported $475M and imported $5.97B from Russia, resulting in a negative trade balance of $5.49B. Between June 2023 and June 2024 the exports of India have increased by $147M (44.9%) from $328M to $475M, while imports increased by $930M (18.5%) from $5.04B to $5.97B.

Trade In June 2024, the top exports of India to Russia were Drug Formulations, Biologicals ($36.3M), Residul Chemicl And Alled Prod ($16.9M), Marine Products ($12.1M), Processed Minerals ($11.8M), and Indl. Machnry For Dairy Etc ($11.3M). In June 2024 the top imports of India from Russia were Petroleum: Crude ($3.25B), Petroleum Products ($470M), Coal,Coke And Briquittes Etc ($376M), Project Goods ($330M), and Fertilezers Manufactured ($266M).

Growth In June 2024, the increase in India's year-by-year exports to Russia was explained primarily by an increase in product exports in Processed Minerals ($11.8M or 115k%), Residul Chemicl And Alled Prod ($9.38M or 125%), and Drug Formulations, Biologicals ($6.9M or 23.5%). In June 2024, the increase in India's year-by-year imports  from Russia was explained primarily by an increase in product imports  in Petroleum: Crude ($3.07B or 1.72k%), Project Goods ($272M or 471%), and Petroleum Products ($188M or 66.5%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (June 2023 - June 2024)$147M(44.9%)
IMPORT GROWTH (June 2023 - June 2024)$930M(18.5%)

This section shows exports and imports data at subnational level for India. Click any date in the line plot or any product to explore the exports or imports behavior of India over time.

To check Russia and India trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Russia and India Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, India exported $2.88B to Russia. The main products exported from India to Russia were Packaged Medicaments ($403M), Crustaceans ($120M), and Large Flat-Rolled Stainless Steel ($100M). During the last 5 years the exports of India to Russia have increased at an annualized rate of 2.86%, from $2.5B in 2017 to $2.88B in 2022.

In 2017, Russia exported $40.4B to India. The main products exported from Russia to India were Crude Petroleum ($25.5B), Coal Briquettes ($4.28B), and Refined Petroleum ($4.05B). During the last 5 years the exports of Russia to India have increased at an annualized rate of 43.6%, from $6.61B in 2022 to $40.4B in 2017.

Exports from India (Flag) to Russia (Flag) (2022)

Exports from Russia (Flag) to India (Flag) (2022)

Market Competitiveness

Color
India
Top DestinationUnited States$82.9B
Russia
Top DestinationChina$101B

This map shows whether countries import more from India or Russia. Each country is colored based on the difference in imports they receive from India and Russia or the difference in the growth in imports.

In 2022, countries that imported more from India than Russia included United States ($82.9B), United Arab Emirates ($31.6B), and Bangladesh ($13.8B).

In 2022, countries that imported more from Russia than India included China ($101B), Kazakhstan ($16.5B), and Italy ($25.1B).

Difference in imports from Russia (Flag) and India (Flag) (2022)

Comparative Advantage India - Russia

Flow
Scale

This chart compares trade between India and Russia by product, considering products traded by both, India and Russia.

During 2022, India had a large net trade with Russia in the exports of Chemical Products ($1.01B), Machines ($410M), and Vegetable Products ($337M).

During 2017, Russia had a large net trade with India in the exports of Mineral Products ($34.1B), Chemical Products ($2.9B), and Precious Metals ($1.29B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential India Russia+$360MPackaged Medicaments
Top Product Potential Russia India+$1.79BRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Russia exported services to India worth $627M, with Other business services ($413M), Transportation ($67.5M), and Travel ($59M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Russia (Flag) to India (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of India and Russia. This means that a dot/product with the flag of India indicates it has a comparative advantage over Russia. Similarly, a dot/product with the flag of Russia indicates it has a comparative advantage over India.

Product Space of India (Flag) and Russia (Flag) (2022)

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