India reveals priority goods for export to Russia
India has revealed a list of goods that are in demand in Russia, as the countries seek to boost mutual trade, news outlet BusinessLine reported on Tuesday.
According to the outlet, the Indian Embassy in Moscow has shared a priority sourcing list with the country’s exporters.
“Various export bodies in India have received communication from the Indian Embassy in Moscow sharing 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 Russian retailers. This would give exporters an idea of the items for which there is demand in the country,” people familiar with the matter told the outlet.
The list includes items that are unlikely to become subject to Western sanctions, such as food and pharmaceutical goods, the outlet noted. Some of the food products include onions, grapes, bananas, spices, dried fruits and some other vegetables.
Non-food items on the list include home textiles like kitchen towels, bath towels, bedding sets, pillowcases, pillows, sheets, bedspreads and blankets, as well as makeup and body care products.
“For items related to natural skin care, hair, bath and body cosmetics, the Russian company is interested in the low and medium price segments and would give priority to well-known brands,” the source told BusinessLine.
India’s imports from Russia in 2022-2023 surged by 368% year-on-year to $46.2 billion, primarily due to an increase in oil purchases, according to the outlet. Meanwhile, New Delhi’s exports have been lagging behind in the same period and stood at $3.14 billion.
Among the reasons for low exports to Russia, the outlet cited the fact that Indian exporters fear becoming subject to secondary sanctions and are therefore reluctant to supply machinery or electronics, despite Russia’s growing demand for these goods.
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