https://sputniknews.in/20230828/india-russia-trade-turnover-surges-by-nearly-300-percent-in-2023-3871917.html
India, Russia Trade Turnover Surges by Nearly 300 Percent in 2023
India, Russia Trade Turnover Surges by Nearly 300 Percent in 2023
Sputnik India
Trade turnover between India and Russia has nearly tripled in the first six months of 2023, according to analysis of data of Indian Commerce and Industry conducted by Sputnik India.
2023-08-28T13:29+0530
2023-08-28T13:29+0530
2023-08-28T19:03+0530
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Trade turnover between India and Russia has nearly tripled in the first six months of 2023, according to analysis of data of Indian Commerce and Industry conducted by Sputnik India.The surge in bilateral trade volume has been driven by booming Russian exports of oil and oil products, which grew by 440 percent in January-July period as compared to the corresponding period last year.The Russian exports of fertilizers to India grew by nearly 140 percent to $1.3 billion till July, as compared to last year.Significantly, Russia’s diamond exports to India in the first half of this year have jumped by 35 percent to reach $616 million.Indian Exports to Russia Witness an IncreaseAs far as Indian exports to Russia are concerned, they have increased by 170 percent in January-July period to reach $1.9 billion.The commerce ministry data also showed that the supply of crustaceans to Russia increased by 240 percent this year, while Indian tobacco exports to Russia surged by almost 300 percent.China ($54 billion) has ranked as India’s second biggest trading partner this year, while the UAE, Russia and Saudi Arabia were the next biggest trading partners of the south Asian economy.
https://sputniknews.in/20230818/india-shows-most-rapid-growth-in-import-of-russian-fertilizers-official-data-3681308.html
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India, Russia Trade Turnover Surges by Nearly 300 Percent in 2023
13:29 28.08.2023 (Updated: 19:03 28.08.2023) Except Russia, India’s trade volumes with all its other five biggest trading partners have witnessed a slight decline this year, as compared to the first six months of 2022.
Trade turnover between India and Russia has nearly tripled in the first six months of 2023, according to analysis of data of Indian Commerce and Industry conducted by Sputnik India.
According to calculations, bilateral trade volumes have surged by 290 percent to $33.5 billion in January-July period this year, as compared to trade volume during the same period last year.
The
surge in bilateral trade volume has been driven by booming
Russian exports of oil and oil products, which
grew by 440 percent in January-July period as compared to the corresponding period last year.
The Russian exports of fertilizers to India grew by nearly 140 percent to $1.3 billion till July, as compared to last year.
Significantly,
Russia’s diamond exports to India in the first half of this year have jumped by 35 percent to reach $616 million.
Indian Exports to Russia Witness an Increase
As far as Indian exports to Russia are concerned, they have increased by 170 percent in January-July period to reach $1.9 billion.
India’s pharmaceutical products occupied the vault position on the list of Indian exports to Russia. Official data showed that Russia’s intake of Indian medicines amounted to $184 million in the first half of 2023, an increase of 4.5 percent as compared to last year.
The commerce ministry data also showed that the supply of crustaceans to Russia increased by 240 percent this year, while Indian tobacco exports to Russia surged by almost 300 percent.
The official data showed that the US was India’s top bilateral trading partner in January-July period, although the bilateral trade volume between the two nations dropped by 11 percent to $59.4 billion as compared to the same period last year.
China ($54 billion) has ranked as India’s second biggest trading partner this year, while the UAE, Russia and Saudi Arabia were the next biggest trading partners of the south Asian economy.
