Commerce minister shares Russia's list of goods for import from India with exporters

According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia.

PTIUpdated: Wednesday, December 07, 2022, 07:49 PM IST
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Commerce minister shares Russia's list of goods for import from India with exporters | Image credit: Wikipedia (Representative)

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said.

Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals.

"Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said.

Issues with shiping goods to Russia

According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia.

"Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are taking orders for Russia, so Indian exporters are not in a position to supply even if they have materials," one of the experts said.

Auto industry apprehensive

The apparel industry has shown interest in shipping the goods but the auto industry looks apprehensive. Some exporters have reverted to the Indian embassy in Moscow about the list.

Commenting on the issue, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said Russian buyers are enquiring about a wide range of products from India.

"Indian exporters are evaluating the proposal as they have to be careful with the sanctions, with their diversified exports basket covering the US and the European Union. With payment mechanisms all set to take off in a couple of days and logistics options opening up, we are hopeful that shipments will start under this mechanism from the current month," Sahai said.

What does the list include?

The list of goods includes axles, crankshafts, fasteners, pistons, power steering pump drive shafts, oil pumps, valve springs, turbochargers, oil filters, spark plugs, ignition coils, seat belts, bumpers, welding materials, bearings, breaks, sterilization equipment, number of active pharma ingredients (APIs), and fruit and vegetable concentrates.

Oil supply from India

Russia has become a major oil supplier to India. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.

India and Russia trading

Russia has emerged as India's fifth largest trading partner during April-September this fiscal year with a bilateral trade of USD 22.7 billion during the six-month period.

Exports stood at USD 1.3 billion, while imports aggregated at USD 21.4 billion in the same period.

In 2021-22, Russia was 25th largest trading partner of India with a bilateral trade of USD 13.12 billion. Exports stood at USD 3.25 billion, while imports aggregated at USD 9.9 billion in the same period.

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