https://sputniknews.in/20230716/russia-becomes-indias-3rd-largest-trading-partner-for-first-time-in-history-3025489.html
Russia Becomes India's 3rd Largest Trading Partner for First Time in History
Russia Becomes India's 3rd Largest Trading Partner for First Time in History
Sputnik India
Russia, for the first time in history, became India's third largest trading partner, with the trade between the countries reaching $27.1 billion in the first five months of 2023, Sputnik has calculated using the data of the Indian Commerce Ministry.
2023-07-16T11:51+0530
2023-07-16T11:51+0530
2023-07-16T11:57+0530
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The volume of bilateral trade grew 3.8 times in January-May to a record $27.1 billion, the ministry's data showed. Over this period, India increased its imports of Russian goods by 3.9 times up to $26.5 billion, which allowed Russia to stay the country's second largest importer. At the same time, the export of Indian products to Russia grew by 2.6 times to $639 million. China remained India's largest trading partner with turnover of $41.1 billion, which decreased, however, by 9.3% year-on-year. Trade between India and the United States, New Delhi's second largest trading partner, dropped by 12.5% in annual terms to $30.4 billion The United Arab Emirates-India trade decreased by 11% to $24.2 billion between January and May, and, as a result, the UAE dropped to the fourth position. Saudi Arabia came in fifth with a turnover of $18.3 billion, down 9.1% year-on-year.
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Russia Becomes India's 3rd Largest Trading Partner for First Time in History
11:51 16.07.2023 (Updated: 11:57 16.07.2023) MOSCOW (Sputnik) - Russia, for the first time in history, became India's third largest trading partner, with the trade between the countries reaching $27.1 billion in the first five months of 2023, Sputnik has calculated using the data of the Indian Commerce Ministry.
The volume of
bilateral trade grew 3.8 times in January-May to a record
$27.1 billion, the ministry's data showed.
Over this period,
India increased its imports of Russian goods by 3.9 times up to $26.5 billion, which allowed Russia to stay the country's second largest importer. At the same time, the export of
Indian products to Russia grew by 2.6 times to $639 million.
China remained India's largest trading partner with turnover of $41.1 billion, which decreased, however, by 9.3% year-on-year. Trade between India and the United States, New Delhi's second largest trading partner, dropped by 12.5% in annual terms to $30.4 billion
The United Arab Emirates-India trade decreased by 11% to $24.2 billion between January and May, and, as a result, the UAE dropped to the fourth position. Saudi Arabia came in fifth with a turnover of $18.3 billion, down 9.1% year-on-year.
