India and Russia have been engaged in bilateral trade for several decades, and their economic relationship has strengthened over the years. In recent years, the bilateral trade between India and Russia has shown mixed trends.
According to the data from the Ministry of Commerce and Industry, the total bilateral trade between India and Russia in 2020-2021 was $6.43 billion, which is a decline of 19.6% compared to the previous year. The major exports from India to Russia include pharmaceuticals, tea, coffee, tobacco, and apparel. Meanwhile, the major imports from Russia to India include crude oil, precious stones, fertilizers, and metals.
Overall, while the bilateral trade between India and Russia has shown some fluctuations in recent years, the two countries have been working to strengthen their economic relationship through various initiatives, including the International North-South Transport Corridor and the India-Russia Strategic Economic Dialogue.
In the past decade, the bilateral trade between India and Russia has fluctuated, with some years showing significant growth and others showing a decline. For example, the bilateral trade between the two countries in 2018-2019 was $11.4 billion, which was a 17.74% increase compared to the previous year. However, in 2019-2020, the bilateral trade declined by 6.98% to $9.13 billion.
