• 18 Jun, 2024

India and Russia achieved record trade of $17.5 billion in January-March period

India and Russia achieved record trade of $17.5 billion in January-March period

In the first quarter of this year, India recorded a notable increase in exports to Russia by 22%, totaling $1.2 billion, and Russia rose to 28th place in the list of countries sourcing Indian products.

Trade between Russia and India reached a record $17.5 billion in the first quarter, according to the calculations based on data from India's Ministry of Industry and Trade.

In terms of breakdown, the transaction volume in January was $6 billion, in February it was $5.2 billion, and in March, it recorded a significant increase to $6.3 billion, an increase of 7.6% year-on-year, compared to the record in May last year of $6.3 billion. It approached the $30 million record. Year. During this period, China emerged as India's largest trading partner, with bilateral trade increasing by 9.6% to $29.5 billion. In contrast, India's trade with the US fell 3.8% to $29.4 billion.

The United Arab Emirates maintained its third place with a 25% increase to $26.1 billion. Saudi Arabia ranked in the top five, with trade volume with India decreasing by 8.3% to $12.2 billion.

Russia maintained its position as India's second-largest supplier of goods in the first quarter, exporting goods worth $16.3 billion (compared to $15.6 billion in the same period last year).

Meanwhile, India's exports to Russia rose 22% to $1.2 billion in the January-March period, making Russia the 28th largest recipient of Indian goods.

In particular, the top five export destinations for Indian products are the United States ($20.8 billion), the United Arab Emirates ($10.9 billion), the Netherlands ($6.8 billion), Singapore ($5.5 billion), and China ($4.7 billion).