India’s trade value with Russia and Ukraine has gone up since 2020-21
Though the Commerce Ministry has said that the impact of Russia-Ukraine war on India’s trade with both the warring nations can be assessed only after the situation stabilises, it is interesting to know between 2020-21 and April-February period of 2021-22, India’s value of trade with Russia grew 45.79 per cent.
Similarly India’s value of trade with Ukraine between the same period, went up by 19.34 per cent.
According to Commerce Ministry figures, India’s total trade with Russia stood at $8.141 billion in 2020-21. During April-February period of 2021-22, the trade value went up by 45.79 per cent to $11.869 billion.
Similarly, India’s trade with Ukraine in value terms, stood at $2.590 billion during 2020-21. In the April-February period of 2021-22, this went up by 19.34 per cent to $3.091 billion.
More significantly India’s imports from Russia rose to $8.69 billion in the first 11 months of 2021-22, 58 per cent higher than the total imports of $5.48 billion recorded in 2020-21.
India’s exports to Russia rose to $3.18 billion in April–February period of 2021-22 from $2.65 billion recorded in the full year 2020-21.
The Russia-Ukraine war has continued for more than 100 days and severely impacted India’s trade ties with both the nations.
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