New Delhi, Dec. 6 -- India has the potential to increase its merchandise exports to Russia from roughly USD 5 billion to nearly USD 35 billion by 2030, according to a report by the Global Trade Research Initiative (GTRI).

Current Trade Imbalance

The report highlights that, despite India being a major global exporter in several categories, its penetration of the Russian market remains minimal, reported ANI.

While bilateral trade is approaching USD 70 billion, India's exports remain below USD 5 billion, largely overshadowed by imports from Russia, which are dominated by crude oil.

In FY2025, India exported goods worth USD 4.9 billion but imported USD 63.8 billion, resulting in a trade deficit of USD 58.9 billion. Crude oil alone account...