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Russia-India Trade Experiences 2.5-Fold Hike In Jan-July 2023
Russia-India Trade Experiences 2.5-Fold Hike In Jan-July 2023
Sputnik India
Trade between Russia and India in January-July has increased to $38.2 billion, approximately an increase 2.5 times compared to the same period of 2022, according to RIA Novosti analysis
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Trade between Russia and India in January-July has increased to $ 38.2 billion, an increase of about 2.5 times compared to the same period of 2022, according to Sputnik analysis of data from the Indian Ministry of Trade and Industry.As per the data, the imports of Russian goods increased up to 2.6 percent, to about $36 billion. This includes hydrocarbons, fertilizers, vegetables, etc.Meanwhile, supplies of Indian products to Russia increased 1.6 times, which is about $2.2 billion, the main products are medicines, steel and seafood.Supplies of steel products increased 1.7 times to $143 million, and supplies of shrimp - 2.2 times, to $86 million.As a result, the GDP trade deficit in the first seven months increased 2.7 times compared to the same period last year - to $33.7 billion.India's largest trading partner in January-July is the United States, while trade between the two fell by 10% to $69.9 billion.The top also included China (-9%, $64.7 billion), the UAE (-10%, $44.5 billion), and Saudi Arabia (-13%, $27.1 billion).Earlier this month, a study published by a private consultancy Yakov and Partners and state-owned financial organisation Business Russia predicted that trade between India and Russia could reach $200 billion by 2030.
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Russia-India Trade Experiences 2.5-Fold Hike In Jan-July 2023
18:03 21.09.2023 (Updated: 17:59 22.09.2023) Deexa Khanduri
Sputnik correspondent
India has become one of Russia's biggest trading partners in the aftermath of unilateral economic sanctions imposed on the latter due to its special military operation in Ukraine.
Trade between Russia and India in January-July has increased to $ 38.2 billion, an increase of about 2.5 times compared to the same period of 2022, according to Sputnik analysis of data from the Indian Ministry of Trade and Industry.
As per the data, the imports of Russian goods increased up to 2.6 percent, to about $36 billion. This includes hydrocarbons, fertilizers, vegetables, etc.
India's imports of hydrocarbons from Russia have experienced a surge, multiplying their previous volume by 3.2-fold. This increase translates into $31.7 billion. Furthermore, the import of Russian fertilisers has also witnessed growth, by 5 percent to reach $1.5 billion. Additionally, the import of vegetable oils from Russia has soared by 25 percent, resulting in $694 million. These figures showcase the strengthening of the economic ties between India and Russia, which bodes well for both nations.
Meanwhile, supplies of Indian products to Russia increased 1.6 times, which is about $2.2 billion, the main products are medicines, steel and seafood.
Supplies of steel products increased 1.7 times to $143 million, and supplies of shrimp - 2.2 times, to $86 million.
As a result, the GDP trade deficit in the first seven months increased 2.7 times compared to the same period last year - to $33.7 billion.
Except for 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.
India's largest trading partner in January-July is the United States, while trade between the two fell by 10% to $69.9 billion.
The top also included
China (-9%, $64.7 billion), the
UAE (-10%, $44.5 billion), and
Saudi Arabia (-13%, $27.1 billion).
Earlier this month,
a study published by a private consultancy Yakov and Partners and state-owned financial organisation Business Russia predicted that trade between India and Russia could reach $200 billion by 2030.
