The South Asian country imported agricultural products worth $2.3 billion in the first 11 months of this year
Food exports from Russia to India skyrocketed by over 100% during the first 11 months of 2024, TASS has reported, citing data from the Agroexport federal agency. The top five agricultural products exported to India were sunflower oil, peas, soybean oil, dried chickpeas, and oats.
Russia exported food products worth over $2.3 billion to India from January through November, the report noted. The figure has more than doubled compared to the same period last year.
The South Asian country also increased its imports of fertilizers 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, told the media.
Bilateral trade between Moscow and New Delhi has expanded significantly in the past two years, reaching approximately $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 $61.1 billion worth of goods from Russia, while Indian exports to Russia were just $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.
