The Ministry of Commerce and Industry has answered a question in the Lok Sabha regarding the impact of the ongoing war between Ukraine and Russia on India’s trade. India says that the real situation can be assessed only after the end of the war. However, Ukraine and Russia have been the largest exporters of wheat in the world. Russia and Ukraine account for 25% of the world’s wheat exported. Opportunities have increased for India after these two countries went to war. India’s wheat demand is likely to increase.
Commerce Minister Piyush Goyal also answered the question of trade between India and Ukraine in the Lok Sabha. He informed that India should provide Ukraine with Pharmaceuticals, Telecom Instruments, Ground Nut, Ceramic, Iron & Steel and import is Vegetable oils, Fertilizers, Inorganic Chemicals, Plastic and Exports Plywood and Allied Products.
Between April 2021 and January 2022, there was a trade of 2,871.34 US Million Dollar between India and Ukraine. In which India’s import was of 2,444 US Million Dollar from Ukraine, while India’s export to Ukraine was of 426.43 US Million Dollar.
India Russia Trade
Whereas India Exports Russia Mainly Pharmaceuticals, Telecom Instruments,
Iron and Steel, Tea, Chemical Products and import is Petroleum, Pearl and Semi-precious stones, Coal, Fertilizers and Vegetable oils.
Top Wheat Exporters in the world
After Europian Union Russia is the largest wheat exporter in the world followed by Austrailia and Ukraine. Both Ukraine and Russia are major exporters of wheat with more than 25% share in global wheat trade, disruption of exports from these countries does provide India an opportunity to increase export of wheat. India is on 10th position in terms of wheat export.
|Rank||Country||Exports (1000 MT)|
Piyush Goyal said that due to the war, India’s exports to these countries have been affected.
SHRI SANJAY SADASHIVRAO MANDLIK, SHRI SHRIRANG APPA BARNE asked this question in Lok Sabha.