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Russia-India trade hits historic high

The volume of mutual commerce exceeded $23 billion in January–April, according to customs data

The volume of bilateral trade between Russia and India has continued to grow, hitting a record $23.1 billion in the first four months of this year, RIA Novosti reported on Thursday, citing customs data.

According to the outlet’s calculations, the figure represents a 10% rise over the same period of the previous year.

India’s imports from Russia jumped 10% in January–April in annual terms to $21.6 billion. Russia was one of India’s key suppliers of goods, second only to China.

Meanwhile, Indian exports to Russia surged 21% to $1.6 billion during the same period, data shows.

Trade turnover between the two countries increased sharply in 2023, reaching a record $65 billion, largely driven by Indian purchases of coal and oil. Demand for these commodities in the South Asian nation is projected to increase further in the years to come.

Moscow has become one of New Delhi’s top four major trading partners, according to Russian Ambassador to India Denis Alipov.

Analysts from the Russian-Asian Business Council (RABC) forecast annual trade between India and Russia to hit $100 billion by the end of the decade. Russian export growth will largely be driven by energy resources, while the rise in imports from India will come from increased purchases of pharmaceutical and chemical products, according to experts. Russia is also expected to boost sales of fertilizers, machinery and equipment, wood products, and base metals to India.

READ MORE: Russia sends coal to India by train for first time

Indian Prime Minister Narendra Modi, who just assumed office for a third term, will visit Moscow soon to meet with Russian President Vladimir Putin, a Kremlin official said this week. The exact dates are not yet public, but according to some media reports, the visit is scheduled for July 8.

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June 28, 2024 at 01:43AM

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