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Export Potential of Indian Chemical Sector in Russia

 

Dear Sir/Madam,

Greetings from Chemexcil!

The council is pleased to share with you a market study on the Export Potential of the Indian Chemicals Sector in Russia by the Embassy of India, Moscow.

Key Points from the study include:

·   Impact of Sanctions: The ongoing conflict in Ukraine has led to numerous sanctions on Russia by Western countries, causing significant challenges in the chemical industry. These include restrictions on the supply of chemical products, equipment, and components from unfriendly countries, leading to complicated logistics, increased prices, and delays in supply.  

 Increased Consumption: Despite these challenges, the consumption of chemical complex products in Russia increased by 11.6% in 2023, reaching 8.34 trillion Rubles. The largest increases were in the polymer processing industries, production of polymer products, dyes, pigments, and mineral fertilizers.

Export Potential: According to Gid Market, India's export potential to Russia is projected at $1.7 billion in 2024, $2.05 billion in 2025, and $2.4 billion in 2026.
Recommendations to expand exports in this region:

Collaboration: Consider partnering with industry associations and public and government organizations in Russia to reach potential consumers.

Exhibition Participation: Indian companies should actively participate in industry and consumer industry exhibitions in Russia to establish business contacts and promote their products.

Upcoming Events: Member Companies with products under the attached HS Codes (List enclosed) are encouraged to participate in KHIMIA-2024, scheduled from October 21-24, 2024.

The market study report is enclosed for your ready reference.

The concerned member companies are kindly requested to make a note of it.

Thanks and Regards
Raghuveer Kini
Director General
CHEMEXCIL

Encl : Top 10 HS Codes of Chemical Products.
Export Potential of Indian Chemical Products on Russian Market.