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.
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.