India sees huge potential to expand exports to Russia across 300 products, including engineering goods, pharmaceuticals, chemicals, and agricultural items, as both countries aim to reach $100 billion in bilateral trade by 2030, a government official said. Currently, India’s exports to Russia stand at $1.7 billion, compared with Russia’s $37.4 billion in imports, highlighting a significant gap and opportunity for growth. Increasing exports could also help reduce India’s $59 billion trade deficit with Russia.
The Commerce Ministry has identified these high-potential products by analyzing the complementary trade basket—matching India’s supply capabilities with Russia’s demand. Key sectors with the greatest promise include engineering goods, pharma, chemicals, and agriculture, reflecting India’s global strengths and Russia’s unmet needs.
India’s overall share in Russian imports remains low at around 2.3%. Meanwhile, imports from Russia have surged from $5.94 billion in 2020 to $64.24 billion in 2024, driven largely by crude oil, which rose from $2 billion to $57 billion, accounting for roughly 21% of India’s total oil imports. Other significant imports include fertilizers and vegetable oils.
Among export opportunities, agricultural products show strong potential, with India exporting $452 million against a $3.9 billion Russian demand. Engineering goods present a wider gap, with exports at $90 million versus $2.7 billion in Russian imports. Chemicals and plastics show similar trends, with $135 million in Indian exports against $2.06 billion demand. Pharmaceuticals also offer strategic growth, as India supplies $546 million compared with Russia’s $9.7 billion import bill, making generics and active pharma ingredients key levers.
Beyond high-value sectors, labor-intensive industries such as textiles, apparel, leather, handicrafts, processed foods, and light engineering could see significant growth, supported by Russia’s large consumer market and India’s cost competitiveness.
This paints a clear picture: India has multiple avenues to expand its trade footprint in Russia far beyond hydrocarbons, potentially reshaping the bilateral trade landscape over the next decade.
