Story perspectives

India, China, Russia Trade Surges to $452 Billion in 2023

9/4/2025

Summary

India, China, Russia Strengthen Trade

Trade between India, China, and Russia increased to $452 billion in 2023 from $351 billion in 2022, indicating stronger economic ties.
India imported $66.1 billion in goods from Russia, mainly energy, while exporting $4.1 billion, primarily chemicals and machinery.
U.S. tariffs on Indian goods have led India to assert its energy policy independence.
The Shanghai Cooperation Organisation summit focused on multilateralism and economic cooperation among non-Western nations.
China remains the largest customer for Venezuelan oil, enhancing its influence in South America.

Summary

India's Oil Shift

India's Russian oil imports rose from 100,000 barrels per day (b/d) in 2021 to 1.8 million b/d in 2024, constituting nearly 40% of total imports.
A 50% U.S. tariff on Indian Russian oil imports altered trade dynamics, with China acquiring some of India's supplies.
India saved $12.6 billion on oil imports this year due to discounted Russian crude, raising geopolitical concerns.
The country is shifting its energy strategy towards electricity and renewables for increased energy independence.

History

Historical Context

The 1971 Indo-Soviet Treaty established a strategic partnership between India and the Soviet Union, fostering military and economic cooperation. In 2023, India imported $66.1 billion in goods from Russia, primarily energy, reflecting a shift towards non-Western alliances. This evolving dynamic, with India's oil imports reaching 1.8 million barrels per day, significantly impacts global energy markets and geopolitical relations.

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India, China, Russia Strengthen Trade

Trade between India, China, and Russia increased to $452 billion in 2023 from $351 billion in 2022, indicating stronger economic ties.
India imported $66.1 billion in goods from Russia, mainly energy, while exporting $4.1 billion, primarily chemicals and machinery.
U.S. tariffs on Indian goods have led India to assert its energy policy independence.
The Shanghai Cooperation Organisation summit focused on multilateralism and economic cooperation among non-Western nations.
China remains the largest customer for Venezuelan oil, enhancing its influence in South America.

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