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HomeBusinessIndia's Trade With Ukraine Surged 19% Between 2020-21 And 2021-22

India’s Trade With Ukraine Surged 19% Between 2020-21 And 2021-22

Government has stated that influence of conflict on commerce with Ukraine might be gauged solely later

India’s commerce with war-torn Ukraine has seen a 19 per cent rise between 2020-21 and February 2021-22, at the same time as the federal government has stated that the influence of conflict on exports and imports with that nation might be assessed solely after the state of affairs stabilises.

Last week the Commerce Ministry had stated that the results of the continued conflict between Ukraine and Russia on the commerce with these nations can’t be gauged instantly.

According to official information, until February 2021-22, India’s commerce with the troubled nation was $3,091.24 million, up 19.3 per cent from $2,590.83 million in 2020-21.

Exports from India to Ukraine too have risen in the course of the above talked about interval in 2020-21, exports to that nation had been $450 million, which until February 2021-22 had gone as much as $466 million. During the identical interval, imports had been $2,139 million in 2020-21 from Ukraine to India. These have solely risen to $2,624 million until February 2022.

Commerce Minister Piyush Goyal had earlier knowledgeable in Parliament that as per suggestions acquired from the trade, exports of sure merchandise reminiscent of prescription drugs, telecom devices, tea, espresso, and marine items from India are prone to be affected as a result of ongoing Russia-Ukraine battle.

He had added that his division is apprised of the current state of affairs and holding common session with all stakeholders to make sure availability of important imports.

India’s exports to Ukraine embody prescription drugs, telecom devices, groundnut, ceramic, iron and metal, whereas imports comprise vegetable oils, fertilisers, inorganic chemical compounds, plastic and plywood and allied merchandise.

Russia had invaded Ukraine on February 24, 2022 and since then the 2 nations have been at conflict, resulting in massive scale destruction and financial influence like surging world crude oil costs.

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