India–China–Russia: The Trillion-Dollar Trade Triangle, 8 Points

Delhi / Moscow / Beijing

1. Global Trade Power of India, China & Russia

• India, Russia, and China together account for over 20% of global GDP.

• In 2023, their trilateral trade reached $452 billion, up from $351 billion in 2022 (OEC data).

• These nations also lead the Shanghai Cooperation Organization (SCO), representing 43% of the world’s population and 23% of global GDP.

2. China’s Biggest Buyers (2023)

• United States: $442bn (12.9% of exports) – electronics, consumer goods, telecom equipment.

• Asia: $1.6 trillion – India imported $120bn (3.1% of China’s exports).

• Europe: $819bn – key markets include Germany ($151bn), Russia ($110bn), and the UK ($95.3bn).

3. India’s Biggest Buyers (2023)

• United States: $81.4bn (17.9% of exports) – pharmaceuticals, machinery, textiles, precious stones.

• United Arab Emirates: $31.4bn (6.9%) – jewellery, refined petroleum.

• Netherlands: $22.5bn – mainly refined petroleum ($15bn).

• China: $18.1bn – fuel-related products and chemicals.

4. Russia’s Biggest Buyers (2023)

• China: $129bn (about one-third of exports) – energy products.

• India: $66.1bn (16.8%) – crude oil and gas.

• Turkiye: $31bn (7.9%).

• Shift from Europe to Asia: Sanctions after Ukraine war reduced Russia–West trade, making Asia the core market for Russian exports (over 75%).

5. Top Trade Between China & Russia

• China → Russia: $110bn – machinery, transport equipment, cars.

• Russia → China: $129bn – mainly oil, natural gas, and minerals.

• Russia runs a trade surplus due to energy exports (≈75% of total).

6. Top Trade Between India & Russia

• Russia → India: $66.1bn – crude oil and natural gas (88% of imports).

• India → Russia: $4.1bn – machinery, chemicals, metals.

• India maintains a heavy trade deficit with Russia.

7. Top Trade Between India & China

• China → India: $125bn – machinery, electronics, chemical products.

• India → China: $18.1bn – oil, fuels, minerals.

• India’s trade deficit with China is nearly 7:1.

8. Key Takeaways for Global Trade

• The India–China–Russia trade triangle is dominated by energy, machinery, and technology.

• Asia is the growth hub for all three, while the West still holds major buying power.

• Trade imbalances persist: Russia sells energy, China sells machinery, and India imports both heavily.