At the same time, Indian exports to Russia grew by 5% since April and 40% since 2023, to $425.4 million.
As a result of the trade increase, bilateral trade reached a record $7.5 billion. The previous record of $6.3 billion was reached in February and March this year and in May 2023.
In the first five months of 2024, Russia's exports to India increased by 11.4% to $28.7 billion. With this, Russia became India's second-largest trade partner, outpaced only by China, whose exports in India amounted to $41.1 billion over the same period.
Export of Indian goods to Russia grew by approximately 25% since January to $2 billion. Russia remains the 29th largest importer of Indian goods. The top five are the United States with $34.9 billion of imported goods in the same period, the United Arab Emirates ($16.6), the Netherlands ($12 billion), Singapore ($8.1 billion) and China ($7.3 billion).