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Food exports from Russia to India increased by over 100% during the first 11 months of 2024, according to from the Russian Agroexport federal agency. The top five agricultural products exported to India were sunflower oil, peas, soybean oil, dried chickpeas, and oats. The value was estimated at being worth over US$2.3 billion – more than double compared to the same period last year.
India has also increased its fertilizer imports from Russia. In the first nine months of 2024, Russia supplied 3.4 million metric tons of fertilizers to India, accounting for 28% of the country’s total imports, Andrey Guryev, head of the Russian Association of Fertilizer Producers, stated.
Bilateral trade between Moscow and New Delhi has expanded significantly in the past two years, reaching approximately US$65 billion in 2023, primarily driven by increased purchases of crude oil, coal, and fertilizers by India.
During the recent meeting of the Intergovernmental Russian-Indian Commission on Trade and Economic Cooperation in New Delhi, officials from both nations recognized the growing trade relations that benefit from the “trust and confidence built” over the years.
However, they also acknowledged existing challenges, particularly concerning the substantial trade imbalance. Last year, India imported US$61.1 billion worth of goods from Russia, while Indian exports to Russia were just US$4.2 billion.
“Our goal is to ensure that trade is more balanced, which will require addressing current constraints and undertaking facilitative efforts,” Indian External Affairs Minister S. Jaishankar stated. Russian First Deputy Prime Minister Denis Manturov, who co-chaired the intergovernmental commission meeting along with Jaishankar, echoed this sentiment, underscoring the necessity of diversifying trade. He noted Russia’s role as a reliable supplier of crude oil, coal, uranium, and fertilizers to India, which is essential for the country’s energy and food security.
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