Date,
Time MSK

22.03.2016



Indian-Russian Bilateral Trade in 2015


In 2015 Indian-Russian bilateral trade volume decreased by 5% and reached 6.1 billion USD compared to 6.4 billion USD in 2014.


Indian exports to Russia fell to 1.6 billion USD (by 27%) while imports rose to 4.5 billion USD (by 7%) (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


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 (6%)

▪ Miscellaneous edible preparations (4%)

▪ Electrical, electronic equipment (3%)

▪ Vehicles other than railway, tramway (3%)

▪ Organic chemicals (3%)

▪ Iron and steel (3%)

▪ Articles of apparel, accessories, not knit or crochet (2%)

▪ Tobacco and manufactured tobacco substitutes (2%)

▪ Meat and edible meat offal (2%)

▪ Lac, gums, resins, vegetable saps and extracts nes (2%)

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


In 2015 the imports of Indian made products in Russia experienced a significant fall. The imports of iron and steel fell by 59%; the imports of machinery, nuclear reactors, boilers- by 42%.



Figure 2. Structure of Indian Exports to Russia in 2015. Source: ITC Trade Map.

Figure 2. Structure of Indian Exports to Russia in 2015.png



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


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Indian products

30

Pharmaceutical products

$445,491

$356,202

-20%

5.2

5.5

84

Machinery, nuclear reactors, boilers, etc

$270,405

$157,333

-42%

0.5

1.9

09

Coffee, tea, mate and spices

$110,663

$112,350

2%

10.2

2.3

88

Aircraft, spacecraft, and parts thereof

$127,867

$93,880

-27%

0.00

7.9

21

Miscellaneous edible preparations

$52,173

$59,087

13%

4.3

12.5

85

Electrical, electronic equipment

$68,250

$56,182

-18%

0.5

3.4

87

Vehicles other than railway, tramway

$83,437

$53,680

-36%

0.3

12.6

29

Organic chemicals

$57,118

$48,281

-15%

3.6

3.4

72

Iron and steel

$105,989

$43,134

-59%

2.2

3.8

62

Articles of apparel, accessories, not knit or crochet

$48,862

$34,551

-29%

3.8

14.9

24

Tobacco and manufactured tobacco substitutes

$33,738

$33,738

0%

10.1

12.6

02

Meat and edible meat offal

$0

$33,129

-

0.00

23

13

Lac, gums, resins, vegetable saps and extracts nes

$49,718

$31,257

-37%

20.9

3.8

61

Articles of apparel, accessories, knit or crochet

$45,243

$30,783

-32%

3.4

22.8



Russian exports to India


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


▪ Pearls, precious stones, metals, coins, etc (30%)

▪ Fertilizers (14%)

▪ Mineral fuels, oils, distillation products, etc (9%)

▪ Iron and steel (8%)

▪ Copper and articles thereof (6%)

▪ Edible vegetables and certain roots and tubers (4%)

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

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

▪ Aircraft, spacecraft, and parts thereof (3%)

▪ Rubber and articles thereof (2%)

▪ Aluminium and articles thereof (2%)

▪ Nickel and articles thereof (2%)

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

▪ Ships, boats and other floating structures (1%)


2015 showed a significant rise in Russian exports to India of ships, boats and other floating structures (+7331%). At the same time the exports of copper and articles thereof (-36%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to India in 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to India in 2015.png



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


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

71

Pearls, precious stones, metals, coins, etc

$1,232,831

$1,359,336

10%

2.1

31

Fertilizers

$389,828

$652,342

67%

6.8

27

Mineral fuels, oils, distillation products, etc

$615,175

$409,617

-33%

0.3

72

Iron and steel

$243,341

$358,150

47%

2.2

74

Copper and articles thereof

$417,024

$266,690

-36%

12.9

07

Edible vegetables and certain roots and tubers

$86,777

$191,337

120%

3.2

48

Paper and paperboard, articles of pulp, paper and board

$166,985

$179,389

7%

6.3

25

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

$177,305

$143,527

-19%

6.6

88

Aircraft, spacecraft, and parts thereof

$32,900

$128,963

292%

1.6

40

Rubber and articles thereof

$165,264

$108,298

-34%

4.9

76

Aluminium and articles thereof

$40,584

$102,715

153%

1.1

75

Nickel and articles thereof

$87,466

$71,650

-18%

7.2

84

Machinery, nuclear reactors, boilers, etc

$63,409

$67,272

6%

0.2

89

Ships, boats and other floating structures

$888

$65,988

7331%

0


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

GDP in 2015, billion dollars

1,175.996

2,308.018

Inflation, average consumer prices, %

7.82

6.08

Volume of imported goods, billion dollars

282.6

390.7

Volume of exported goods, billion dollars

492.1

264.0

Population, millions

143.7

1,276.267


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