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Export cargoes to CIS (Commonwealth of Independent States) countries are impacted due to ongoing war between Russia and Ukraine as no shipping line is willing to take consignments there, exporters' body FIEO said on Wednesday.
CIS countries include Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.
Federation of Indian Export Organisations (FIEO) Director-General Ajay Sahai said shipments to these nations are stopped because no shipping line is willing to take cargoes as there is no movement of ships through the Black Sea.
To these countries, Indian goods move from the Suez Canal and the Black Sea.
"Banks are also reluctant to accept the documents for shipments which are already at the Russian ports," he said.
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Exporters are suggesting the government to consider the possibility of trading in local currencies with Russia.
The commerce ministry is also holding meetings to discuss ways to minimise the impact of the war on trade.
Finance Minister Nirmala Sitharaman recently stated that India is more worried about the impact caused by the standoff between Ukraine and Russia, particularly on its exports.
Bilateral trade between India and Russia stood at USD 9.4 billion (USD 2.55 billion exports and USD 6.9 billion imports) so far this fiscal, against USD 8.1 billion in 2020-21.
India's main imports from Russia include fuels, mineral oils, pearls, precious or semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances; electrical machinery and equipment and fertilisers.
While major export items from India to Russia include pharmaceutical products, electrical machinery and equipment, organic chemicals and vehicles.
India's bilateral trade with Ukraine stood at USD 2.3 billion (USD 372 million exports and about USD 2 billion imports) so far this fiscal, as against USD 2.5 billion in the last fiscal.
The main items of Indian import from Ukraine are agriculture products, metallurgical products, plastics and polymers, etc., while pharmaceuticals, machinery, chemicals and food products, etc., are the major Indian exports to Ukraine.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
