India-Russia agrotrade jumps 60%
Agricultural and food trade between India and Russia has grown by more than 60% in the past year, Russian Deputy Prime Minister Dmitry Patrushev said during talks with India's Ambassador to Russia, Vinay Kumar, on Tuesday.
'We are interested in further developing mutual trade,'
Patrushev said during the meeting, adding that Russia is ready to increase exports of vegetable oils, livestock and fish products, wheat, and pulses to India and at the same time is keen to import more Indian agricultural products, including fruits and vegetables.
In the last financial year, India-Russia trade exceeded $65 billion, largely due to Delhi's increased oil purchases from Russia and the countries have set set a new bilateral trade target of $100 billion by 2030. Both countries see agriculture as a key area for trade expansion.
India is currently the eighth-largest agricultural exporter globally, with exports worth around $48.7 billion in the 2023-24 financial year, according to the country's Agricultural and Processed Food Products Export Development Authority (APEDA). However, India's agricultural exports to Russia were relatively low at $340 million, with guar gum, non-basmati rice, buffalo meat, and processed foods among the key exports.
Despite this, industry watchers see strong potential for growth, citing increased engagement between Indian exporters and Russian buyers through trade fairs and government-backed promotions. India, the world's second-largest fruit producer, is known for its mangoes, bananas, and grapes, which are gaining popularity in export markets. The country's processed food sector is also expanding, with exports valued at around $7.7 billion last year.
READ MORE:
'No question of abandoning friendship' – Indian envoy on ties with Russia
An APEDA official
previously told RT
that Russia offers significant opportunities for Indian exporters in various categories, including whole grains, pulses, millets, processed foods, spices, and fruits.
'There is a lot of scope in the Russian market for agriculture and food exports. Presently, the Russian government is supporting India by facilitating market access for Indian companies,'
APEDA representative said.
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