Date,
Time MSK

11.02.2016



Indian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Indian-Russian bilateral trade volume decreased by 15% and reached 5 billion USD compared to 5.9 billion USD in the same period of 2014.


Indian exports to Russia fell to 1.3 billion USD (by 26%) while imports fell to 3.7 billion USD (by 10%) (see Figure 1).



Figure 1. 2007-2015 Indian-Russian bilateral trade turnover, billion USD. Source: ITC Trade Map.

Figure 1. 2007-2015 Indian-Russian bilateral trade turnover, billion USD.png

* 2015 data includes January – October



Indian exports to Russia


India primarily exports to Russia the following products (see Figure 2, Table 1):


▪ Pharmaceutical products (22%)

▪ Machinery, nuclear reactors, boilers, etc (10%)

▪ Coffee, tea, mate and spices (7%)

▪ Aircraft, spacecraft, and parts thereof (5%)

▪ Miscellaneous edible preparations (4%)

▪ Iron and steel (3%)

▪ Vehicles other than railway, tramway (3%)

▪ Organic chemicals (3%)

▪ Electrical, electronic equipment (3%)

▪ Meat and edible meat offal (2%)

▪ Articles of apparel, accessories, knit or crochet (2%)

▪ Plastics and articles thereof (2%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (1%)

▪ Vegetable, fruit, nut, etc food preparations (1%)


In the first 10 months of 2015 the imports of Indian made products in Russia experienced a significant fall. The imports of fish, crustaceans, molluscs, aquatic invertebrates nes fell by 70%; the imports of iron and steel - by 61%.



Figure 2. Structure of Indian Exports to Russia, January – October 2015. Source: ITC Trade Map.

Figure 2. Structure of Indian Exports to Russia, January – October 2015.png



Table 1. Key products exported from India to Russia in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Indian products

30

Pharmaceutical products

$394,122

$300,836

-24%

5.2

5.5

84

Machinery, nuclear reactors, boilers, etc

$132,193

$134,850

2%

0.5

1.9

9

Coffee, tea, mate and spices

$97,678

$92,474

-5%

10.2

2.3

88

Aircraft, spacecraft, and parts thereof

$100,586

$67,118

-33%

0

7.9

21

Miscellaneous edible preparations

$42,358

$48,461

14%

4.3

12.5

85

Electrical, electronic equipment

$54,262

$46,180

-15%

0.5

3.4

87

Vehicles other than railway, tramway

$71,518

$45,401

-37%

0.3

12.6

29

Organic chemicals

$46,049

$41,357

-10%

3.6

3.4

72

Iron and steel

$96,478

$37,159

-61%

2.2

3.8

2

Meat and edible meat offal

$0

$32,364

-

0

23

39

Plastics and articles thereof

$37,038

$26,978

-27%

0.5

6.9

61

Articles of apparel, accessories, knit or crochet

$35,255

$23,356

-34%

3.4

22.8

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$65,164

$19,753

-70%

2.9

5.5

20

Vegetable, fruit, nut, etc food preparations

$37,731

$18,652

-51%

2.1

8.2



Russian exports to India


In the first 10 months of 2015 Russia has exported to India the following products (see Figure 3, Table 2):


▪ Pearls, precious stones, metals, coins, etc (29%)

▪ Fertilizers (16%)

▪ Mineral fuels, oils, distillation products, etc (10%)

▪ Iron and steel (8%)

▪ Copper and articles thereof (6%)

▪ Paper and paperboard, articles of pulp, paper and board (4%)

▪ Edible vegetables and certain roots and tubers (3%)

▪ Aluminium and articles thereof (3%)

▪ Rubber and articles thereof (3%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (3%)

▪ Inorganic chemicals, precious metal compound, isotopes (2%)

▪ Machinery, nuclear reactors, boilers, etc (1%)

▪ Articles of iron or steel (1%)

▪ Nickel and articles thereof (1%)


The first 10 months of 2015 showed a significant rise in Russian exports to India of articles of iron or steel (+416%). At the same time the exports of mineral fuels, oils, distillation products, etc (-54%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to India, January – October 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to India, January – October 2015.png



Table 2. Key products exported from Russia to India in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Change in 2015, %

Share in total product imports, %

71

Pearls, precious stones, metals, coins, etc

$1,191,833

$1,065,260

-11%

2.1

31

Fertilizers

$353,400

$581,112

64%

6.8

27

Mineral fuels, oils, distillation products, etc

$774,391

$355,494

-54%

0.3

72

Iron and steel

$219,913

$292,452

33%

2.2

74

Copper and articles thereof

$418,447

$220,139

-47%

12.9

48

Paper and paperboard, articles of pulp, paper and board

$153,964

$150,280

-2%

6.3

25

Salt, sulphur, earth, stone, plaster, lime and cement

$158,585

$125,018

-21%

6.6

7

Edible vegetables and certain roots and tubers

$47,055

$124,160

164%

3.2

40

Rubber and articles thereof

$158,898

$94,076

-41%

4.9

76

Aluminium and articles thereof

$30,281

$91,713

203%

1.1

28

Inorganic chemicals, precious metal compound, isotopes

$83,310

$54,468

-35%

1.7

75

Nickel and articles thereof

$81,737

$50,672

-38%

7.2

84

Machinery, nuclear reactors, boilers, etc

$63,161

$46,218

-27%

0.2

73

Articles of iron or steel

$5,454

$28,122

416%

0.2


Table 3. represents basic macroeconomic and foreign trade indicators for both countries.



Table 3. Macroeconomic Indicators for Russia and India. Source: IMF World Economic Outlook Database, April 2015


Macroeconomic Indicator

Russia

India

GDP in 2014, billion dollars

1,857.461

2,049.501

Estimated GDP in 2015, billion dollars

1,175.996

2,308.018

Inflation, average consumer prices, %

7.82

5.99

Volume of imported goods, billion dollars

282.6

459.4

Volume of exported goods, billion dollars

492.1

317.5

Population, millions

143.7

1,259.7


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