India‑Russia trade surged 12x in the last 10 years, growing from just $6.1 billion in 2015 to around $72 billion in 2024. This dramatic rise far exceeds the $30 billion trade target set in 2015.
Why the Surge? Big Jump in Oil Imports
A major reason India‑Russia trade surged 12x in the last 10 years is soaring crude oil imports. Between 2015 and 2024, India’s imports jumped 15-fold to $67.2 billion, mostly driven by oil—up nearly 500-fold to $55 billion in 2024. As a result, oil now makes up over 80% of imports, compared to just 2.5% in 2015 NewsBytes.
Exports from India to Russia Have Also Grown
India’s exports to Russia also rose, nearly tripling over the decade to $4.8 billion in 2024. Key items include machinery, pharmaceuticals, chemicals, and food products
Efforts to Broaden the Trade Relationship
Indian and Russian officials are working to diversify beyond energy. They are investing in strategic projects, improving corridors like INSTC and Chennai‑Vladivostok, and negotiating investment treaties to hit a $100 billion trade goal by 2030
Balancing Trade: Tackling the Deficit
India‑Russia trade surged 12x in the last 10 years, but most of that gain is import‑heavy. In 2023–24, imports from Russia ($61.4 billion) dwarf exports ($4.3 billion). India is now pushing to boost exports, cut non‑tariff barriers, and strengthen rupee‑rouble trade channels .
Improved Connectivity Cuts Costs
Using the INSTC corridor, transport costs between India and Russia dropped by over 50% in early 2025, boosting volume by 1.7 times. The Chennai‑Vladivostok sea route now cuts delivery times from roughly 40 days to just 24
Outlook: $100 Billion Trade by 2030
India and Russia see a clear path to $100 billion in bilateral trade by 2030. Energy remains the largest component, but investments in defence, infrastructure, pharma, IT, and electronics aim to make the partnership more balanced and sustainable.
Summary
India‑Russia trade surged 12x in the last 10 years, largely driven by oil imports. Exports have also grown, and both countries are pushing to diversify trade, improve logistics, and rebalance the relationship. With new corridors and investments, they’re aiming for $100 billion in trade by 2030.
