Government has said that impact of war on trade with Ukraine will be gauged only later
India’s trade with war-torn Ukraine has seen a 19 per cent rise between 2020-21 and February 2021-22, even as the government has said that the impact of war on exports and imports with that country can be assessed only after the situation stabilises.
Last week the Commerce Ministry had said that the result of the ongoing war between Ukraine and Russia on the trade with these countries cannot be gauged immediately.
According to official data, till February 2021-22, India’s trade with the troubled country was $3,091.24 million, up 19.3 per cent from $2,590.83 million in 2020-21.
Exports from India to Ukraine too have risen during the above mentioned period in 2020-21, exports to that country were $450 million, which till February 2021-22 had gone up to $466 million. During the same period, imports were $2,139 million in 2020-21 from Ukraine to India. These have only risen to $2,624 million till February 2022.
Commerce Minister Piyush Goyal had earlier informed in Parliament that as per feedback received from the industry, exports of certain products such as pharmaceuticals, telecom instruments, tea, coffee, and marine goods from India are likely to be affected due to the ongoing Russia-Ukraine conflict.
He had added that his department is apprised of the present situation and holding regular consultation with all stakeholders to ensure availability of essential imports.
India’s exports to Ukraine include pharmaceuticals, telecom instruments, groundnut, ceramic, iron and steel, while imports comprise vegetable oils, fertilisers, inorganic chemicals, plastic and plywood and allied products.
Russia had invaded Ukraine on February 24, 2022 and since then the two countries have been at war, leading to large scale destruction and economic impact like surging global crude oil prices.
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