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2023
Flag → Flag
Exports $4.05BRnk 30 / 220
2023
Flag → Flag
Top Product $340MPackaged Medicaments
2023
Flag → Flag
Exports $66.1BRnk 2 / 137
2023
Flag → Flag
Top Product $48.6BCrude Petroleum
2023
Flag
Economic Complexity (ECI) ECI 0.65Rnk 39 / 132
2023
Flag
Economic Complexity (ECI) ECI 0.3Rnk 50 / 132
2023
Flag  
GDP$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
Flag
GDP GROWTH92.1%CURRENT US$
Rnk 19 / 195
2023
Flag
 GDP$2.02TCURRENT US$
Rnk 11 / 195
2013-2023
Flag
GDP GROWTH-11.8%CURRENT US$
Rnk 183 / 195
2023
Flag
GDP PC $2,481CURRENT US$
Rnk 148 / 195
2013-2023
Flag
GDP PC GROWTH73.1%CURRENT US$
Rnk 22 / 195
2023
Flag
GDP PC$13,817CURRENT US$
Rnk 74 / 196
2013-2023
Flag
GDP PC GROWTH-13.3%CURRENT US$
Rnk 170 / 195

About

India-Russia Trade: In 2023, India exported $4.05B to Russia. The main products that India exported to Russia were Packaged Medicaments ($340M), Large Flat-Rolled Stainless Steel ($218M), and Aluminium Oxide ($169M). Over the past 5 years the exports of India to Russia have increased at an annualized rate of 5.08%, from $3.16B in 2018 to $4.05B in 2023.

In 2023, India did not export any services to Russia.

Russia-India Trade: In 2023, Russia exported $66.1B to India. The main products that Russia exported to India were Crude Petroleum ($48.6B), Refined Petroleum ($4.93B), and Coal Briquettes ($4.69B). Over the past 5 years the exports of Russia to India have increased at an annualized rate of 57.9%,  from $6.75B in 2018 to $66.1B in 2023.

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 2023,  India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). That same year, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B).

Latest Trends

November, 2024

About

Overview In November 2024, India exported $305M and imported $5.05B from Russia, resulting in a negative trade balance of $4.74B. Between November 2023 and November 2024 the exports of India have decreased by $-75.2M (-19.8%) from $380M to $305M, while imports increased by $496M (10.9%) from $4.55B to $5.05B.

Trade In November 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 November 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 November 2024, the decrease in India's year-by-year exports to Russia was explained primarily by an decrease in product exports in Iron And Steel ($-32.8M or -78%), Telecom Instruments ($-28.1M or -96.3%), and Auto Components/Parts ($-8.65M or -88.6%). In November 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 (November 2023 - November 2024)$-75.2M(-19.8%)
IMPORT GROWTH (November 2023 - November 2024)$496M(10.9%)

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 2023, India exported $4.05B to Russia. The main products exported from India to Russia were Packaged Medicaments ($340M), Large Flat-Rolled Stainless Steel ($218M), and Aluminium Oxide ($169M). During the last 5 years the exports of India to Russia have increased at an annualized rate of 5.08%, from $3.16B in 2018 to $4.05B in 2023.

In 2018, Russia exported $66.1B to India. The main products exported from Russia to India were Crude Petroleum ($48.6B), Refined Petroleum ($4.93B), and Coal Briquettes ($4.69B). During the last 5 years the exports of Russia to India have increased at an annualized rate of 57.9%, from $6.75B in 2023 to $66.1B in 2018.

Exports from India (Flag) to Russia (Flag) (2023)

Exports from Russia (Flag) to India (Flag) (2023)

Market Competitiveness

Color
India
Top DestinationUnited States$85.5B
Russia
Top DestinationChina$129B

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 2023, countries that imported more from India than Russia included United States ($85.5B), United Arab Emirates ($28.8B), and United Kingdom ($14.4B).

In 2023, countries that imported more from Russia than India included China ($129B), Turkey ($31B), and Kazakhstan ($16.1B).

Difference in imports from Russia (Flag) and India (Flag) (2023)

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 2023, India had a large net trade with Russia in the exports of Chemical Products ($1.16B), Machines ($846M), and Metals ($446M).

During 2018, Russia had a large net trade with India in the exports of Mineral Products ($58.9B), Chemical Products ($2.95B), and Precious Metals ($1.31B).

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) (2023)

Keep Exploring

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