MOSCOW, Aug 28 — Trade between Russia and India rose 2.9 times year-on-year in the first six months of 2023 and amounted to US$33.5 billion (RM155.9 billion), an analysis of the Indian trade ministry’s data carried out by Sputnik found on Monday.
Imports of Russian goods in India grew three times to US$31.5 billion. Oil and oil products were the main procurement position, with an increase of 4.4 times to US$25.2 billion. Imports of Russian fertilizers also rose 1.4 times to US$1.3 billion, while imports of diamonds increased by 35 per cent to US$616 million.
Exports from India to Russia increased 1.7 times to US$1.9 billion. Medicinal products accounted for the biggest increase, by 4.5 per cent to US$184 million. Exports of tobacco and shellfish increased three and 2.4 times respectively.
As a result, India’s trade deficit with Russia expanded 3.3 times year-on-year to US$29.6 billion in the first six months of the year.
The United States was India’s main trade partner for the first half of 2023. Despite an 11 per cent decrease, their bilateral trade in the first half of the year amounted to US$59.4 billion. India’s trade with China, the United Arab Emirates, and Saudi Arabia — the remaining three countries in India’s top five largest trade partners aside from the US and Russia — also fell by nine per cent, seven per cent and 11 per cent respectively. Among India’s 10 largest trade partners, only Russia and the Netherlands avoided a fall in trade with the country
— Bernama-Sputnik
