At over $40 billion, Russia’s exports to India touch record high; Moscow 5th largest trading partner

The trade ties between India and Russia have further strengthened in the last fiscal year. For the first time, exports from Russia to India topped $40 billion.

According to latest data by India’s Ministry of Commerce and Industry, Russia exported $41.6 billion worth of goods to India in the fiscal year April 2022 and March 2023.

The primary reason behind this exponential rise is the increasing volume of crude oil imports from Russia to India.

The shipment figures from Russia to India during the period was more than four times the record set in the previous fiscal year.

Russia becomes India’s fifth largest trading partner

Over the past year, Russia has become India’s fifth largest trading partner.

Trade turnover between Russia and India over the April 2022-March 2023 reached $44.4 billion.

During the period, India shipped $2.8 billion worth of goods to Russia.

Both the countries have also given up dollar and are now settling bi-lateral trade for most of the goods and services in Indian rupees or INR.

Also Read: India, Russia trade hit record high in 2022, settled in INR, ruble

In a statement earlier, India’s External Affairs Minister, S Jaishankar, had said that trade between New Delhi and Moscow has been rapidly outpacing the $30-billion-by-2025 target initially set by the two countries. This is largely due to India’s increased purchases of Russian oil after Moscow had to reroute its energy exports away from West following the sanctions imposed due to its invasion of Ukraine.

India’s purchases of Russian oil reached an all-time high of 1.64 million barrels per day in March. It was almost double the amount shipped by Saudi Arabia, second-largest oil supplier to India, data from cargo tracker Vortexa stated.

Must Read: Russia starts foreign trade settlements in rupee, more countries to join

Trade ties between India and Russia are expected to boom further as both the nations have relaunched talks regarding a free-trade agreement.

What India imports from Russia?

Apart from crude oil, India imports pulses, vegetable oils, spices, alcoholic beverages, marine products.

With inputs from agencies

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.