Russia has emerged as the second-biggest source of imports for India in the January-February 2024 period, with total imports during the period increasing by five percent year-on-year (yoy) to $10.5 billion.
The trade turnover between the two nations stood at $11.2 billion during the first two months of 2024, according to Sputnik's analysis of data from India's Ministry of Commerce and Industry.
New Delhi met around 28 percent of its crude demand from Russian imports in January, which increased to 32 percent in February, according to estimates reported by different media.
Meanwhile, Indian exports to Russia increased by nearly 17 percent to $711 million in the January-February period, according to Sputnik's analysis.
Overall, Russia continued to maintain its position as India's fourth-biggest trading partner during the period.
Trade turnover between India and Russia hit an all-time high of $65 billion in 2023, propelling Moscow to become one of India's five biggest trading partners for the first time in the history of bilateral relationship.
China Ranks as the Biggest Source of Imports for India
During the two month period, China was the biggest source of imports for India, with the total value of inbound Chinese shipments amounting to nearly $17 billion.
Trade turnover between India and China stood at $20.2 billion in January and February, witnessing an year-on-year surge of 12 percent.
The increased trade volumes between China and India resulted in the US sliding to the second position in the list of India's trading partners.
Bilateral trade between India and the US in the first two months stood at $18.7 billion, witnessing an year-on-year decline of 3.5 percent.
In terms of Indian exports, the US was the biggest recipient of Indian imports ($13 billion) in January and February.
The UAE was India's third biggest trading partner, with bilateral trade witnessing a spurt of 26.2 percent to reach $17.2 billion.
Saudi Arabia was India's fifth-biggest trading partner in the period, with total trade amounting to $8.3 billion.