MOSCOW, July 16 – Russia’s exports to India reached US$7.1 billion in May, a 33 per cent increase from April and an 18 per cent rise from May last year, according to data from the Indian Commerce and Industry Ministry.
Indian exports to Russia also saw growth, rising by 5 per cent since April and 40 per cent year-over-year to US$425.4 million, reported Sputnik.
This surge in trade pushed bilateral trade to a record US$7.5 billion, surpassing the previous high of US$6.3 billion recorded in February, March, and May 2023.
In the first five months of 2024, Russia’s exports to India increased by 11.4 per cent to US$28.7 billion. With this, Russia became India’s second-largest trade partner, outpaced only by China, whose exports in India amounted to US$41.1 billion over the same period.
Export of Indian goods to Russia grew by approximately 25 per cent since January to US$2 billion.
Russia remains the 29th largest importer of Indian goods. The top five are the United States with US$34.9 billion of imported goods in the same period, the United Arab Emirates (US$16.6 billion), the Netherlands (US$12 billion), Singapore (US$8.1 billion), and China (US$7.3 billion).
