India’s trade with war-torn Ukraine has seen a growth of 19 per cent between 2020-21 and February 2021-22, even as the government has said that the impact of the war on exports and imports with that country has been Assessment can be done only after the situation is stable. ,
Last week, the commerce ministry said the outcome of the ongoing war between Ukraine and Russia over trade with these countries was not immediately predictable.
According to official data, as of February 2021-22, India’s trade with the troubled country stood at $3,091.24 million, up 19.3 percent from $2,590.83 million in 2020-21.
Exports from India to Ukraine also increased during the above period in 2020-21, exports to that country were $450 million, which increased to $466 million by February 2021-22. During the same period, imports from Ukraine into India stood at $2,139 million in 2020-21. These have increased to $2,624 million by February 2022.
Commerce Minister Piyush Goyal had earlier informed Parliament that as per the feedback received from the industry, exports of certain products from India like pharmaceuticals, telecom equipment, tea, coffee and marine goods are likely to be affected due to Russia-Ukraine. confrontation.
He said that his department has been apprised of the current situation and regular consultations are being held with all stakeholders to ensure availability of essential imports.
India’s exports to Ukraine include pharmaceuticals, telecommunications equipment, groundnuts, ceramics, iron and steel, while imports include vegetable oils, fertilisers, inorganic chemicals, plastics and plywood and allied products.
Russia invaded Ukraine on February 24, 2022, and since then the two countries have been at war, causing massive destruction and economic ramifications such as a rise in global crude oil prices.
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