16-Russia has identified priority consumer goods imports from India

1. Russia has identified priority consumer goods imports from India Russia has identified priority consumer goods imports from India A priority sourcing list of consumer goods that Russia is eager to import has been shared with Indian exporters by the Indian Embassy in Moscow in yet another effort to boost Indian exports in the face of a sharp rise in Russian oil imports since Western sanctions were imposed against Moscow last year. Trade Between India and Russia Trade Between India and Russia A source privy to the matter mentioned, “Various export bodies in India have received communication from the Indian Embassy in Moscow which shared information on a priority sourcing list of Grand Trade JSC, one of the leading suppliers in food and non-food consumer goods imported from across the world to retailers in Russia. This would give the exporters a sense of the items demanded in the country.” India's imports from Russia increased 368% Y-o-Y to $46.2 billion in 2022-23, owing primarily to an increase in oil purchases. In the same year, its exports decreased 3.3% to $3.14 billion. In 2022–2023, the trade deficit was $43 billion. Slowed Exports Slowed Exports Despite Russia's desire to increase its imports from India, which would help it use some of the rupee balance that has been building up in the special vostro accounts that Russian banks have opened in India to get around Western sanctions, the numbers are still low. An industry official mentioned, “One of the reasons for India’s exports to Russia not rising by much is the fact that exporters in India are hesitant about exporting items such as electronics and machinery, for which there is a demand, due to fears of third country sanctions as they may also be dealing with more economies that have imposed sanctions on Russia.”

2. According to the source, “the priority list of items shared by the Indian Embassy mostly includes goods that are unlikely to be subject to sanctions as food and pharmaceutical items are outside of its ambit.” Onion, grapes, bananas, spices, dried fruits, and a few other vegetables are among the foods on the list. If you are an agricultural commodities importer wishing to buy agricultural commodities in bulk or an agricultural commodities exporter willing to export bulk agricultural commodities, then Tradologie.com is the right platform for you. Tradologie.com is a SaaS based platform that facilitates bulk agro-trade across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities at negotiable rates. The transaction oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.