Russia climbed to fourth place among India’s largest trading partners

In January-April 2023, the trade turnover between Russia and India increased by 3.8 times, to $21.8 billion. This was a record, and Russia ranked fourth among India’s largest trading partners, according to RIA Novosti calculations.

According to the Ministry of Trade and Industry of India, in four months it increased purchases of Russian goods by 4.2 times, to $20.5 billion. Thanks to this result, Russia became the second largest importer of goods into the country. The first place was taken by China ($30.1 billion), the third — by the United Arab Emirates ($15.85 billion).

Indian exports to Russia grew 1.6 times, to $1.3 billion. The United States ($24.8 billion) remains the key destination for Indian exports, while the top 3 also includes the UAE ($10.5 billion) and the Netherlands ($9. 3 billion).

As a result, Russia moved up to the fourth line among India’s largest trading partners. The top 5 also includes the United States ($38.9 billion), China ($35.8 billion), the United Arab Emirates ($26.4 billion) and Saudi Arabia ($17.5 billion).

Federal Customs Service called India is among the countries that have replaced the European Union in the foreign trade of the Russian Federation. India, along with China, has also become major buyers of Russian coal, oil and gas. In Indian Oil spokethat India will increase the share of Russian oil imports to 30% by 2024.

On trade between the two countries – in the material “Kommersant” “The ruble and the rupee lack reciprocity”.

Laura Keffer