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Trade Trends News
10-10-2023
Indian export agencies have received a letter from the Indian Embassy in Moscow sharing information on the Priority Procurement List of Grand Trade JSC, one of the leading suppliers of food and non-food consumer goods imported from around the world to Russian retailers. This will give exporters an idea about the commodities in demand in the country.
India's imports from Russia grew by 368% year-on-year to $46.2 billion in 2022-23, largely due to increased oil purchases. Exports declined by 3.3% to $3.14 billion in the same year.The trade deficit in 2022-23 was $43 billion.
Exports are lukewarm
Despite Russia's interest in importing more products from India to partially utilize the rupee balances accumulated in special Vostok accounts opened by Russian banks in India to circumvent Western sanctions, the figure remains low. "One of the reasons why India's exports to Russia have not increased is that Indian exporters are hesitant to export products such as electronics and machinery for which there is a demand, fearing third-country sanctions as they may also be dealing with developed economies. Sanctions have been imposed on Russia," an industry official said.
The source pointed out that "the list of prioritized items shared by the Indian embassy includes mainly commodities that are unlikely to be sanctioned as food and pharmaceuticals do not fall under its purview." Food items on the list include onions, grapes, bananas, spices, dry fruits and some other vegetables.
List of non-food items
Non-food items on the list include kitchen towels, bath towels, bedding, pillowcases, pillows, sheets, bedspreads and blankets and other household textiles. It also offers cosmetics and body care products, including shampoos, body washes, creams, tonics and cleansers.
The source said, "For products related to natural skin care, hair care, bath and body cosmetics, this Russian company is interested in low to medium price points and will give preference to well-known brands."
The industry official said that Russian importers must become less nervous about importing food and essential products from India as they have been raising quality issues in the past.
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