India–Russia bilateral trade from FY 2020–21 to FY 2023–24, based on data from the Embassy of India in Moscow and the Department of Commerce, Government of India:

Financial YearIndia’s Exports to Russia (USD Billion)India’s Imports from Russia (USD Billion)Total Bilateral Trade (USD Billion)Trade Balance (USD Billion)
2020–212.665.498.15-2.83
2021–223.259.8713.12-6.62
2022–233.1546.2149.36-43.06
2023–244.2661.4465.70-57.18

Key Observations:

  • Significant Surge in Trade Volume: The total bilateral trade witnessed a substantial increase, especially in FY 2022–23 and FY 2023–24, primarily due to a sharp rise in India’s imports from Russia.
  • Dominance of Energy Imports: The surge in imports is largely attributed to increased procurement of crude oil and petroleum products, making Russia a major energy supplier to India.
  • Trade Imbalance: While India’s exports to Russia have shown modest growth, the exponential rise in imports has led to a widening trade deficit, reaching USD 57.18 billion in FY 2023–24.
  • Diversification of Trade: Efforts are underway to diversify the trade portfolio, with India exporting pharmaceuticals, organic chemicals, electrical machinery, and mechanical appliances to Russia.
  • Pharmaceuticals: Packaged medicaments worth $340 million in 2023
  • Electrical Machinery: Electrical equipment exports worth $424.21 million in 2024
  • Mechanical Appliances: Machinery exports, including nuclear reactors and boilers, worth $1.11 billion in 2024
  • Organic Chemicals: Various chemical products

Both countries aim to:

  • Increase Bilateral Trade: Reach $100 billion by 2030
  • Balance Trade: Reduce the trade deficit by increasing Indian exports to Russia
  • Explore FTA: Consider a Free Trade Agreement with the Eurasian Economic Union (EAEU)

These figures underscore the evolving dynamics of India–Russia trade relations, highlighting both opportunities for collaboration and areas requiring strategic attention to ensure balanced and sustainable economic engagement.