New Delhi: India’s imports from Russia jumped 57% in the first five months of the financial year, official data show, deepening an energy import-driven relationship even as New Delhi presses Moscow and Beijing for greater market access.Commerce ministry figures released on Tuesday put merchandise imports from Russia at $41.44bn from April-August 2026-2027, up from $26.45bn a year (Apr-Aug 2025-26) ago. Officials said the rise was led by the import of petroleum, fertilisers and vegetable oils.&nbsp;Bilateral trade is now approaching $70bn a year, with India's import of Russian energy that has significantly increased since the outbreak of conflict in Ukraine in 2022. The surge has left India with a large deficit. External Affairs Minister S Jaishankar raised the imbalance and sought better access for Indian goods during recent inter-governmental talks in Moscow.&nbsp;Also Read: <a href="https://www.wionews.com/world/imran-khan-s-sons-accuse-asim-munir-of-holding-personal-grudge-against-imprisoned-father-1789484359759">Imran Khan’s sons accuse Asim Munir of holding ‘personal grudge’ against imprisoned father</a>&nbsp;China remained India’s biggest source of imports over the same period, at $65.49bn against $51.56bn a year earlier. The United States followed at $28.09bn, then the United Arab Emirates at $24.36bn and South Korea at $12.10bn. On the export side, the US was the largest market at $42.79bn, ahead of the UAE ($13.59bn), China ($9.61bn), Singapore ($9.50bn) and the Netherlands ($6.95bn). In South Asia, Bangladesh was the top destination, taking $4.72bn of Indian goods.&nbsp;The China figures sit at the centre of a cautious diplomatic thaw. Over the weekend Prime Minister Narendra Modi and President Xi Jinping held their third bilateral meeting since 2024, on the sidelines of the BRICS summit in Delhi. An Indian readout said the two leaders “underlined the need to address each other’s concerns, including structural trade imbalance and supply chain issues, and facilitation of meaningful and predictable market access.”&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/j-k-cm-omar-abdullah-praises-centre-over-pahalgam-attack-condemnation-at-brics-in-presence-of-pakistan-s-allies-1789478311956">J&amp;K CM Omar Abdullah praises Centre over Pahalgam attack condemnation at BRICS in presence of Pakistan’s allies</a>&nbsp;Commerce Minister Piyush Goyal then met his Chinese counterpart, Wang Wentao. Indian commerce officials described the meeting as an “initial first trading meeting” after a period of “gradual confidence building.” “We are open to engaging with them to find solutions to trade imbalances,” one official said. Both sides, they added, wanted to work on structural concerns. India’s deficit with China exceeded $112bn last financial year.&nbsp;BRICS itself featured in the trade numbers. Exports to all members rose 13% to $34.53bn in April–August; shipments to the original four partners, Brazil, Russia, China and South Africa, grew 34%. At the weekend BRICS summit in the Indian national capital, member countries focused on more intra-BRICS trade.&nbsp;Also Read: <a href="https://www.wionews.com/world/ai-has-the-potential-to-kill-us-all-ex-deepmind-researcher-sounds-alarm-on-superintelligence-threat-1789475011718">‘AI has the potential to kill us all’: Ex-DeepMind researcher sounds alarm on superintelligence threat</a>&nbsp;New Delhi is also advancing several other talks for free trade agreements and larger trade pacts. Forty-eight Canadian officials are in Delhi for talks on a Comprehensive economic partnership agreement. 2 chapters of a potential agreement are complete and both sides hope to finish by year-end. An India–EU free-trade deal is “moving as per plan” and is also expected to be signed by December.&nbsp;&nbsp;A pact with New Zealand is due to take effect in the second half of October. Indian Trade Minister Goyal will travel to the United States for a G20 trade ministers’ meeting, where he is expected to meet his counterpart to discuss bilateral issues, including the interim trade arrangement that was announced in February.

On the export side, the US was the largest market at $42.79bn, ahead of the UAE ($13.59bn), China ($9.61bn), Singapore ($9.50bn) and the Netherlands ($6.95bn). In South Asia, Bangladesh was the top destination, taking $4.72bn of Indian goods.

New Delhi: India’s imports from Russia jumped 57% in the first five months of the financial year, official data show, deepening an energy import-driven relationship even as New Delhi presses Moscow and Beijing for greater market access. Commerce ministry figures released on Tuesday put merchandise imports from Russia at $41.44bn from April-August 2026-2027, up from $26.45bn a year (Apr-Aug 2025-26) ago. Officials said the rise was led by the import of petroleum, fertilisers and vegetable oils. Bilateral trade is now approaching $70bn a year, with India's import of Russian energy that has significantly increased since the outbreak of conflict in Ukraine in 2022. The surge has left India with a large deficit. External Affairs Minister S Jaishankar raised the imbalance and sought better access for Indian goods during recent inter-governmental talks in Moscow. Also Read: Imran Khan’s sons accuse Asim Munir of holding ‘personal grudge’ against imprisoned father China remained India’s biggest source of imports over the same period, at $65.49bn against $51.56bn a year earlier. The United States followed at $28.09bn, then the United Arab Emirates at $24.36bn and South Korea at $12.10bn. On the export side, the US was the largest market at $42.79bn, ahead of the UAE ($13.59bn), China ($9.61bn), Singapore ($9.50bn) and the Netherlands ($6.95bn). In South Asia, Bangladesh was the top destination, taking $4.72bn of Indian goods. The China figures sit at the centre of a cautious diplomatic thaw. Over the weekend Prime Minister Narendra Modi and President Xi Jinping held their third bilateral meeting since 2024, on the sidelines of the BRICS summit in Delhi. An Indian readout said the two leaders “underlined the need to address each other’s concerns, including structural trade imbalance and supply chain issues, and facilitation of meaningful and predictable market access.” Also Read: J&K CM Omar Abdullah praises Centre over Pahalgam attack condemnation at BRICS in presence of Pakistan’s allies Commerce Minister Piyush Goyal then met his Chinese counterpart, Wang Wentao. Indian commerce officials described the meeting as an “initial first trading meeting” after a period of “gradual confidence building.” “We are open to engaging with them to find solutions to trade imbalances,” one official said. Both sides, they added, wanted to work on structural concerns. India’s deficit with China exceeded $112bn last financial year. BRICS itself featured in the trade numbers. Exports to all members rose 13% to $34.53bn in April–August; shipments to the original four partners, Brazil, Russia, China and South Africa, grew 34%. At the weekend BRICS summit in the Indian national capital, member countries focused on more intra-BRICS trade. Also Read: ‘AI has the potential to kill us all’: Ex-DeepMind researcher sounds alarm on superintelligence threat New Delhi is also advancing several other talks for free trade agreements and larger trade pacts. Forty-eight Canadian officials are in Delhi for talks on a Comprehensive economic partnership agreement. 2 chapters of a potential agreement are complete and both sides hope to finish by year-end. An India–EU free-trade deal is “moving as per plan” and is also expected to be signed by December. A pact with New Zealand is due to take effect in the second half of October. Indian Trade Minister Goyal will travel to the United States for a G20 trade ministers’ meeting, where he is expected to meet his counterpart to discuss bilateral issues, including the interim trade arrangement that was announced in February.

On the export side, the US was the largest market at $42.79bn, ahead of the UAE ($13.59bn), China ($9.61bn), Singapore ($9.50bn) and the Netherlands ($6.95bn). In South Asia, Bangladesh was the top destination, taking $4.72bn of Indian goods.

India’s imports from Russia jump 57% in five months; China remains top import source

India and Japan are strengthening their strategic partnership by expanding cooperation in key sectors such as AI, semiconductors, critical minerals, supply chain resilience and economic security. As multinational companies increasingly adopt the "China+1" strategy to reduce reliance on China, both countries are exploring ways to develop reliable manufacturing and technology ecosystems. The ongoing discussions are expected to boost investment, facilitating technology transfer and enhancing long-term industrial cooperation. The "China+1" strategy reflects a growing effort by India and multinational companies to diversify manufacturing bases and supply chains beyond China. According to a report by YES Securities, this transition offers India a rare opportunity to strengthen its role in global value chains and drive export-led economic growth. The report highlights that geopolitical tensions, repeated supply chain disruptions and concerns over excessive dependence on a single manufacturing hub have encouraged companies to seek alternative production destinations. Rising labour costs in China, coupled with increasing geopolitical uncertainty, have further accelerated this shift, opening the door for countries like India to attract large-scale manufacturing investments. With a large labour force, a growing domestic market and an improving manufacturing ecosystem, India is positioning itself among the few economies with the capability of benefiting from global realignment. The YES Securities' report highlights that the country is at a significant economic inflexion point, with current gains in engineering goods, electronics, pharmaceuticals and auto components underscoring its growing manufacturing capabilities. According to the report, India's recent FTAs with the UAE, Australia, the UK and the European Free Trade Association (EFTA), along with the European Union and the United States, are making the country a more attractive manufacturing hub. These trade deals provide exporters with greater tariff certainty and improved access to key global markets. Among all sectors, electronics has emerged as the biggest beneficiary, with Apple's smartphone manufacturing ecosystem helping transform India into a major export base. In addition, the report also expects pharmaceuticals, engineering goods and auto ancillary industries to benefit as multinational companies diversify supply chains and shift sourcing to cost-effective manufacturing destinations like India.&nbsp;Also read: <a href="https://www.wionews.com/world/who-really-benefitted-from-the-iran-war-1783058269342">Who really benefitted from the Iran war?</a><h3>Can India go ahead of Vietnam and Mexico?</h3>The report also indicates that global trade is continuously being driven by regional and bilateral trade agreements rather than broad-based liberalisation under the WTO. Countries such as Vietnam and Mexico have gained a competitive advantage through preferential trade pacts, and without comparable agreements, Indian exporters risk losing ground in important international markets due to higher tariffs. However, YES Securities warned that improved market access alone will not be enough to drive export growth. It points out that India's merchandise exports have expanded at a relatively slow pace over the past decade, suggesting that competitiveness remains a greater hurdle than tariffs. Factors such as high logistics costs, infrastructure shortcomings, complex regulatory compliance, expensive power and lower labour productivity continue to affect the efficiency of India's manufacturing sector. Additionally, Vietnam and Mexico maintain a unique head start due to geographical and regulatory alignments. Mexico, backed by the USMCA, has become the ultimate nearshoring hub for the North American market, offering rapid transit times and seamless tariff integration. Meanwhile, Vietnam operates as the preferred direct substitute for tech and electronics due to its physical proximity to existing Chinese supply chains, lower initial compliance barriers, and a highly efficient network of FTAs. &nbsp;

YES Securities report highlights that geopolitical tensions, repeated supply chain disruptions and concerns over excessive dependence on a single manufacturing hub have encouraged companies to seek alternative production destinations.

India and Japan are strengthening their strategic partnership by expanding cooperation in key sectors such as AI, semiconductors, critical minerals, supply chain resilience and economic security. As multinational companies increasingly adopt the "China+1" strategy to reduce reliance on China, both countries are exploring ways to develop reliable manufacturing and technology ecosystems. The ongoing discussions are expected to boost investment, facilitating technology transfer and enhancing long-term industrial cooperation. The "China+1" strategy reflects a growing effort by India and multinational companies to diversify manufacturing bases and supply chains beyond China. According to a report by YES Securities, this transition offers India a rare opportunity to strengthen its role in global value chains and drive export-led economic growth. The report highlights that geopolitical tensions, repeated supply chain disruptions and concerns over excessive dependence on a single manufacturing hub have encouraged companies to seek alternative production destinations. Rising labour costs in China, coupled with increasing geopolitical uncertainty, have further accelerated this shift, opening the door for countries like India to attract large-scale manufacturing investments. With a large labour force, a growing domestic market and an improving manufacturing ecosystem, India is positioning itself among the few economies with the capability of benefiting from global realignment. The YES Securities' report highlights that the country is at a significant economic inflexion point, with current gains in engineering goods, electronics, pharmaceuticals and auto components underscoring its growing manufacturing capabilities. According to the report, India's recent FTAs with the UAE, Australia, the UK and the European Free Trade Association (EFTA), along with the European Union and the United States, are making the country a more attractive manufacturing hub. These trade deals provide exporters with greater tariff certainty and improved access to key global markets. Among all sectors, electronics has emerged as the biggest beneficiary, with Apple's smartphone manufacturing ecosystem helping transform India into a major export base. In addition, the report also expects pharmaceuticals, engineering goods and auto ancillary industries to benefit as multinational companies diversify supply chains and shift sourcing to cost-effective manufacturing destinations like India. Also read: Who really benefitted from the Iran war? Can India go ahead of Vietnam and Mexico? The report also indicates that global trade is continuously being driven by regional and bilateral trade agreements rather than broad-based liberalisation under the WTO. Countries such as Vietnam and Mexico have gained a competitive advantage through preferential trade pacts, and without comparable agreements, Indian exporters risk losing ground in important international markets due to higher tariffs. However, YES Securities warned that improved market access alone will not be enough to drive export growth. It points out that India's merchandise exports have expanded at a relatively slow pace over the past decade, suggesting that competitiveness remains a greater hurdle than tariffs. Factors such as high logistics costs, infrastructure shortcomings, complex regulatory compliance, expensive power and lower labour productivity continue to affect the efficiency of India's manufacturing sector. Additionally, Vietnam and Mexico maintain a unique head start due to geographical and regulatory alignments. Mexico, backed by the USMCA, has become the ultimate nearshoring hub for the North American market, offering rapid transit times and seamless tariff integration. Meanwhile, Vietnam operates as the preferred direct substitute for tech and electronics due to its physical proximity to existing Chinese supply chains, lower initial compliance barriers, and a highly efficient network of FTAs.

YES Securities report highlights that geopolitical tensions, repeated supply chain disruptions and concerns over excessive dependence on a single manufacturing hub have encouraged companies to seek alternative production destinations.

Can India win China+1 race or will Vietnam and Mexico stay ahead? EXPLAINED

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India’s imports from Russia jump 57% in five months; China remains top import source

Can India win China+1 race or will Vietnam and Mexico stay ahead? EXPLAINED