Non-oil goods make up 15% of India’s Russia imports in first half of FY27

Nearly 15% of India’s $47.28 billion imports from Russia in the first half of 2026-27 comprise items other than crude oil and petroleum products, according to latest government data. Russia is India’s second largest merchandise import source after China.

India imported $47.28 billion worth of goods from Russia in the first half of FY27, including $40.25 billion in crude oil and petroleum products. (PTI)While India imported $40.25 billion worth of crude oil and petroleum products from Russia in April-September 2026, it also imported other Russian merchandise worth $7.04 billion such as coal, fertilizer, vegetable oil, pulses, non-ferrous metals, chemicals, dyeing and tanning materials, and transport equipment, data showed.

According to experts, the surge in merchandise imports are results of both price and quantity factors. While global geopolitical situations impact both energy and commodities prices, India is also de-risking its supply chains, mainly inputs and intermediate goods, particularly because of disruptions in West Asia because of ongoing war situation, they added, requesting anonymity.

India imported coal, coke and briquettes worth $2.56 billion in H1 (April-September) of 2026-27, about 36% jump as compared to $1.89 billion in H1 of 2025-26. Similarly, imports of Russian fertilizer also saw over 60% year-on-year jump in the current period (H1 of FY27) at $2.12 billion as against $1.32 billion in the same period of FY26.

Slso read: India, US discuss customs and trade facilitation as both sides push for early bilateral deal The current period (H1, FY27) also saw a significant surge in imports of vegetable oil. In the first half of current financial year, India’s import of vegetable oil from Russia jumped over 42% to nearly $1 billion, compared to about $700 million in the same period of previous year.

Similarly, imports of non-ferrous metals surged over 162% on an annualized basis in April-September 2026 to $112.2 million, data showed. High growth of over 73% was seen in import of pulses to $95.35 million in just first half of FY27.

India’s import of Russian pulses in just six months of 2026-27 surpassed total imports of the commodities in 12 months of 2025-26, which was valued at $81.15 million. India’s import of Russian crude and petroleum products is expected to surge in the current financial year because in the first six months of 2026-27 it is already 90% of the $44.38 billion imported in full 2025-26, experts said, quoting the available trade data.

In 2025-26, India had imported Russian crude oil worth $40.82 billion and petroleum products of $3.56 billion. Both countries are willing to enhance their bilateral trade. India and the Eurasian Economic Union (EAEU) – the five-member post-Soviet bloc of Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation – in August 2025 formally agreed to negotiate a free trade agreement.

India and EAEU had been discussing greater economic cooperation since 2017. The matter was also discussed in July 2024 during the 22nd annual bilateral summit between Russia and India in Moscow. At that time, the two leaders – President Vladimir Putin and Prime Minister Narendra Modi – aspired for the establishment of the EAEU-India free trade area.

Bilateral trade between India and Russia reached a record $68.7 billion in 2024-25, before falling to around $60 billion in 2025-26, according to government data. Indian exports to Russia were less than $5 billion, while Russian exports to India stood around $55 billion in FY26.

Energy is India’s key import from Russia. India has recently seen a surge in demand for Indian goods in Russian market. These items include meat and meat products, fish and aquatic products, vegetables, coffee, tea and spices, experts said.

Rajeev Jayaswal is a senior journalist, author and communication strategist with over three decades of experience covering India's economy, energy, trade and public policy. He is Senior Editor at Hindustan Times and author of The Lobbyists, recognised for insightful reporting, in-depth analysis and policy-focused journalism.Read More