In 2023, India is anticipated to continue to be a significant trading partner of Russia: Global Market Intelligence from S&P

In 2023, India is anticipated to continue to be a significant trading partner of Russia: Global Market Intelligence from S&P

 

According to the new S&P Global Market Intelligence assessment published on Tuesday, India has emerged as a significant trade partner of Russia and is anticipated to continue being so in 2023, despite significant trade relations volatility between Russia as well as nearly all other markets as a result of the conflict in Ukraine.

The Big Picture 2023 Forecast Report Series from S&P Global Market Intelligence includes the recently released “Global Trade Outlook” report. The resale value of all import from Russia has risen recently, mostly as a result of higher prices for oil, gas, and coal as well as increases in imports from numerous nations.This group is led by India, which observed a greater than 100% y/y rise in Russian import trade values every month after the Russia-Ukraine conflict began in February 2022, according to Agnieszka Maciejewska, an economist at S&P Global Market Intelligence. S&P Global is the world’s top supplier of credit ratings, benchmarks, analytics, as well as workflow remedies in the global capital, commodity, and auto markets.

The analysis emphasised the anticipated changes in trade as a result of the conflict between Russia and Ukraine as well as the promising picture for container – based trade in 2023 notwithstanding a meagre 0.7% year-over-year (y/y) growth in 2022, which was driven by the predicted slowing in the second half. Additionally, it emphasised the effects of the new IMO greenhouse gas reduction policies that will go into effect in 2023. The following are among the report’s other major highlights: worldwide changes in trade: Due to its considerable growth in imports from Russia, India is predicted to have an intensification in trade in 2023. Its commerce value is anticipated to rise by 1.3% y/y in imports and 3.5% y/y in exports.

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