INDIA’S AMMUNITION EXPORTS TO EUROPE SURGE MORE THAN 1,600%
India’s ammunition manufacturers have gained a major European market during Russia’s war against Ukraine, exporting at least $872 million worth of artillery shells, mortar rounds, explosives and rocket propellant over the four years following the full-scale invasion.
That compares with $49.2 million during the preceding four years, according to trade data cited by Bloomberg—a rise of more than 1,600%.
Approximately three-quarters of those exports went to a group of Central and Eastern European countries actively supplying Ukraine. Within that market and the ammunition categories examined, India climbed from 28th place to second among foreign suppliers, behind South Korea.
The significance extends beyond finished shells. Explosives and propellant help European manufacturers produce ammunition, while additional imports allow governments to replenish their own stocks and sustain deliveries to Ukraine.
European purchases do not establish that every shipment reached Ukrainian troops. However, earlier investigations documented Indian-made ammunition being transferred to Ukraine through European buyers, despite Moscow’s objections.
Russia’s invasion has created a prolonged demand for ammunition that European production alone has struggled to satisfy. Indian manufacturers are benefiting commercially, while their growing place in the supply chain helps Europe maintain the industrial capacity needed to support Ukraine.