Dr. Nassir Ul Haq Wani, Dr. Jasdeep Kaur Dhami and Dr. Neeru Sidana
Volume 3 Issue 1 | Mar 2020
DOI: 10.31841/KJEMS.2021.36
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Abstract
This article focuses on Indo-Russia trade relations and evaluates the economic performance of trade in terms of symmetry, complementarity, intensity and similarity and future prospects for Indo-Russia trade relation and the change in the economic scenario over a 24-year period from 1995 to 2018. The article attempted to evaluate Indo-Russia trade using Thiel’s symmetry criteria, trade complementarity index (TCI), export intensity index (EII), import intensity index (III), and export similarity index (ESI), analysis in exports and imports in different type of goods categorized on the basis of their production. In terms of symmetry, trade is increasingly asymmetric for Russia-India and is much more visible during 1995 as compared to 2018. Regarding trade intensity, there is a growing trend, as the export intensity index (EII) values for 24-year time period 1995–2018 present an average value of 0.58, the index value which is lower than 1, which means a lower intensity of export trade of India with its partner; however, from 2005 onwards there has been a growth with respect to the export intensity values which were above 1. The highest import intensity index (III) was registered in year 2009 which was 9.095. The III values registered from 1995 to 2011 were greater than 1, showing a great intensity of India’s import trade with Russia. Moreover, the declining complementarity trend (in 2010 and 2018) is as a result of production specialization. Regarding export similarity of India against Russia, India enjoys competitive edge in the basic agricultural Commodities. During 2005-2010, the trend reversed as India’s exports were getting much more specialized and back in 2015 the trend of similarity remained in India’s favor.
JEL classification: F10, F17, F21, F24
Keywords: India, Russia, Exports, Imports, Symmetry