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.