How much India, Russia, China trade and what goods do they buy? | International trade news
More than 20 leaders of non-Western nations gathered in Tianjin, China, during the weekend for the Shanghai cooperation organization (SCO), which ended on Monday, and which President Xi Jinping explained his vision of a world economic order with the world South in his center.
In the context of the new world rates imposed by US President Donald Trump, XI told delegates: “We must continue to take a stand against hegemonism and power policy and practice real multilateralism.”
The summit brought together some of the strongest emerging economies, notably India and Russia, which, with China, represent more than a fifth of the raw domestic product (GDP) in the world.
Trilateral trade between China, India and Russia represented $ 452 billion in 2023, against $ 351 billion in 2022, according to the Economic Complexity Observatory (OEC).
Given as an alternative power structure to most international institutions led by the United States, the SCO of 10 members includes a large part of Central Asia, Russia, China, India, Iran, Pakistan and Belarus, and represents around 43% of the world’s population and 23% of world GDP.
Beijing’s push for multilateralism arrives at an era of growing grievances with Washington, whose commercial pricing policies provided members of the OCS an common ground on which to work.
What countries are buying the most in China?
China has a diverse range of business partners.
Its largest buyer is the United States, which imported $ 442 billion or 12.9% of total China exports in 2023 – mainly composed of electronics, machines, consumer goods and telecommunications equipment.
At the regional level, Asia is the main destination for Chinese exports, representing 1.6 billion of dollars in goods, India alone receiving $ 120 billion, or 3.1% of total exports from China.
In Europe, China has exported $ 819 billion in goods, the main destinations being Germany ($ 151 billion), Russia ($ 110 billion) and the United Kingdom ($ 95.3 billion).
What countries are most buying in India?
The United States is also the largest buyer of Indian products.
In 2023, the United States bought goods worth 81.4 billion dollars, or 17.9% of the total exports of India, mainly drugs and pharmaceutical products, followed by precious stones, machines and textiles.
At the regional level, Asia is also the main destination for India exports, representing $ 178 billion in goods, the United Arab Emirates being the second destination in India for exports, at $ 31.4 billion, or 6.9% of Total Exports from India, mainly refined jewelry and oil.
The Netherlands are the third largest export market in India at $ 22.5 billion, refined oil being the largest export article, worth $ 15 billion. China is the fourth export market in India and the second largest market in the Asian region.
On August 6, US President Donald Trump announced a 50% rate on Indian imports, citing the continuous purchase of Russian crude oil India at a reduced price.
In response, India has expressed a strong disapproval, calling “unjust, unjustified and unreasonable” prices, and reaffirmed its sovereign right to determine its energy policies independently. Despite the American pressure, India continued to import Russian oil, attracted by substantial discounts offered by Moscow.
What countries are buying the most in Russia?
Before the Ukraine War, Russia’s business partners were much more diverse.
While China was its largest trading partner, representing 14.6% ($ 72.1 billion) in Russian exports in 2021, according to the Economic Complexity Observatory (OEC), Russia also had a wide range of European partners. The Netherlands were the second partner in Russia, with 8% ($ 39.5 billion) of export total, followed by the United States at 5.5% (27.3 billion dollars).
After the invasion of Ukraine by Russia in February 2022, strong sanctions greatly reduced trade with many Western nations.
By 2023, China represented about a third (129 billion dollars) of Russia exports, followed by India at 16.8% ($ 66.1 billion) and Turkiye at 7.9% (31 billion dollars), according to the OEC, the Asia region, the container with the container of Russian goods.
What are China and Russia the most?
In 2023, China exported $ 110 billion in Russia, led by machines and transport equipment. According to the OEC, the best export items from China to Russia were cars.
The same year, Russia sold $ 129 billion in China – mainly mineral products, including oil and natural gas.
In recent years, Russia has led a trade surplus with China, mainly due to energy products, which represent almost three -quarters of its exports.
Do India and Russia exchange the most?
India manages a major trade deficit with Russia, much more than exports.
In 2023, Russia sold $ 66.1 billion in India in India, with energy products – mainly crude oil and natural gas – representing around 88% of these imports, a large part of which bought at a reduced rate.
India exports to Russia are more diversified, totaling $ 4.1 billion in 2023, with significant contributions from chemicals, machines and metals.
What are China and India negotiate the most?
India manages a major trade deficit with China, important about seven times more of dollar value than that of exports.
In 2023, China exported $ 125 billion in India for $ 125 billion, mainly machines and chemicals, while India exported $ 18.1 billion in China, with petroleum and fuel products including most of its exports.
