India and Russia Strengthen Trade Ties, Enter Top 5 Trading Partners

A report by the Indian Ministry of Commerce and Industry states that Russia has become one of India’s top five trading partners for the first time in history.

The report states that this happened due to a sharp increase in trade between the two countries. The report indicated that the volume of the secondary commodity exchange last year was only $13.1 billion, while in the first ten months of the 2022-2023 financial year, this figure reached $39.8 billion.

At the same time, India exported goods to Russia worth $2.5 billion, and imported goods worth $37.3 billion, that is, the trade deficit amounted to $34.8 billion. Thus, for the first time, Russia entered the list of 5 largest trading partners of India.

This is the first time India has started keeping such statistics since the late 1990s. In the 2021-2022 fiscal year, Russia ranked 25th on the list of India’s trading partners. His best result was in fiscal year 1997-1998 when he was ranked 16th.

In the current fiscal year, India’s largest trading partner was the United States, with bilateral trade reaching $108.4 billion. China came in second with $95.9 billion, the United Arab Emirates third with $70.2 billion and Saudi Arabia fourth with $44.3 billion.

India ran a trade deficit with all major partners except the US: Indian exports were $22.6 billion more than US imports.

Source: News

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