India to Boost Engineering Export to Russia
June 24, 2016
The Ministry of Commerce & Industry and the Engineering Export Promotion Council (EEPC) are making efforts to come up with the strategy to escalate the engineering exports to Russia, where economic conditions are likely to improve as crude oil prices rebounds.
Russia’s imports of engineering goods from India had drastically fallen to $ 355 million during April 2015 to February 2016 as compared to $ 744 million in 2014-15. This happened because the country exports value generated by the export of crude oil has fallen due to the slump in the price of the commodity.
As Russia is dependent on the export of the crude oil and there is anticipation of the firm prices to be continued in the commodity, Russia would be capable to increase its import.