In First, Russia Now Ranks Among India's Top Three Trading Partners
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Russia has entered the top three largest trading partners of India, as bilateral trade between the two countries reached $27.1 billion in just five months of 2023.
Indian-Russian bilateral trade volume more than tripled to a record $27.1 billion from January to May, according to data from the Indian Ministry of Trade and Industry.
In addition, Indian exports to Russia also grew rapidly, reaching $639 million, a 2.6-fold jump.
The main reason for such a sharp increase in exports is the supply of Russian oil to India.
According to the International Energy Agency, oil imports from Russia to India have experienced a 16-fold surge in 2022, with the South Asian giant overtaking Europe last year as the main buyer of marine oil from Russia. Both countries have started trading oil with each other in national currencies, and this is eroding the dollar's long-standing dominance of the global oil trade.
In addition, machinery, equipment and vehicles, precious metals, chemical products as well as food items and agricultural raw materials account for a large share of the bilateral trade between India and Russia.
In addition, Indian exports to Russia also grew rapidly, reaching $639 million, a 2.6-fold jump.
The main reason for such a sharp increase in exports is the supply of Russian oil to India.
According to the International Energy Agency, oil imports from Russia to India have experienced a 16-fold surge in 2022, with the South Asian giant overtaking Europe last year as the main buyer of marine oil from Russia. Both countries have started trading oil with each other in national currencies, and this is eroding the dollar's long-standing dominance of the global oil trade.
In addition, machinery, equipment and vehicles, precious metals, chemical products as well as food items and agricultural raw materials account for a large share of the bilateral trade between India and Russia.
Check out Sputnik's infographic to learn more!
