India-Russia trade turnover nears $55 bln for first time

Trade between India and Russia has surpassed the $50-billion mark for the first time.

Trade between India and Russia doubled in the first 10 months of 2023 and exceeded a record $54.7 bln, according to Indian customs data.

This also affirms Russia’s position as the fourth largest trade partner of India.

India’s import of goods from Russia during the period of January-October doubled to $51.4 bln, while exports also increased by 1.4 times, to $3.3 bln.

The trade figures between the two countries are double the amount for the same period last year.

Apart from this, the U.S. continues to be India's largest trade partner, despite trade between two countries decreasing by nine per cent to $99.9 bln, while China is the second largest partner, although trade declined by four per cent to $95.8 bln.

Despite a decrease in trade of nine per cent, the UAE is India's third largest trade partner, as it was recorded at $64 bln, whereas Saudi Arabia is India's fifth largest trade partner with $37.3 billion, recording a decline of 17% in trade.