According to an analysis conducted by the Novosti Agency of data from the Indian Ministry of Commerce and Industry, the volume of trade between the two countries in May reached $7.5 billion, recording a new historical level.
What is striking in the trade data is that this trade balance is in Russia’s favour, as its exports to India amounted to nearly $7 billion, while it imported Indian goods and commodities worth only regarding half a billion dollars.
In detail, Russia’s exports to India last May amounted to $7.1 billion, an increase of one-third over the previous month (April 2024), and an increase of 18% over the trade volume recorded in the same month (May 2023) last year.
In contrast, India’s exports to Russia in the same month (May 2024) rose by 5% to reach $425.4 million.
Over the first five months of this year, Russian-Indian trade increased by 12% to $30.7 billion, representing 48% of the volume of trade recorded between the two countries during the past year as a whole.
Russian exports to India increased by 11.4% to $28.7 billion in the period (January-May 2024), making Russia the second largest exporter of goods to the Indian market following China, whose exports to India amounted to $41.1 billion.
The data also showed that Indian exports of goods to the Russian market increased by a quarter in the first five months of this year to $2 billion.
Russia thus ranked 29th in the list of major importers of goods and commodities from India, while the United States ranked first, importing Indian goods during the mentioned period worth $34.9 billion, followed by the UAE with $16.6 billion and then the Netherlands with $12 billion.
The increased momentum of trade between Russia and India explains Moscow’s determination to strengthen its trade and economic relations with friendly countries and consolidate strategic relations with India and China, especially following the West imposed broad sanctions on Moscow.
During Indian Prime Minister Narendra Modi’s visit to the Russian capital this month, Moscow and New Delhi agreed to strengthen relations and build a strong and broad partnership that will provide the right environment for increased bilateral trade in the future.
Source: RT + Novosti
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2024-07-16 19:09:47
