23.10.2023, 07:59
Trade between Russia and India has reached record levels
Source: OREANDA-NEWS
OREANDA-NEWS Trade between Russia and India in January-August increased to $ 43.8 billion, which is more than the figure for the whole of last year, according to RIA Novosti calculations based on data from the Indian Ministry of Trade and Industry.
For example, India purchased $41.2 billion worth of Russian goods in the first eight months of this year, compared to $17.1 billion a year earlier. At the same time, the country increased the supply of its own products to the northern partner by 1.5 times — up to 2.6 billion dollars.
As a result, the trade turnover of the two states reached the highest ever $43.8 billion, which is 2.3 times more than the volume of trade in January-August last year and 20 percent higher than the result for the whole of 2022.
At the same time, the problem of India's trade deficit with Russia persists: in eight months it has expanded 2.5 times compared to the same period last year — to 38.6 billion dollars. Such a rapid growth in trade allows Russia to remain India's fourth largest trading partner and the second most important supplier of goods to this country. The United States remained the leader in trade turnover with India in January-August, while trade between the two countries decreased by ten percent to $ 80.8 billion. China is in second place (minus eight percent, $ 75.3 billion), the UAE is in third place (minus nine percent, $ 51.2 billion). Saudi Arabia closes the top five largest trading partners (minus 13 percent, $ 27.1 billion).
For example, India purchased $41.2 billion worth of Russian goods in the first eight months of this year, compared to $17.1 billion a year earlier. At the same time, the country increased the supply of its own products to the northern partner by 1.5 times — up to 2.6 billion dollars.
As a result, the trade turnover of the two states reached the highest ever $43.8 billion, which is 2.3 times more than the volume of trade in January-August last year and 20 percent higher than the result for the whole of 2022.
At the same time, the problem of India's trade deficit with Russia persists: in eight months it has expanded 2.5 times compared to the same period last year — to 38.6 billion dollars. Such a rapid growth in trade allows Russia to remain India's fourth largest trading partner and the second most important supplier of goods to this country. The United States remained the leader in trade turnover with India in January-August, while trade between the two countries decreased by ten percent to $ 80.8 billion. China is in second place (minus eight percent, $ 75.3 billion), the UAE is in third place (minus nine percent, $ 51.2 billion). Saudi Arabia closes the top five largest trading partners (minus 13 percent, $ 27.1 billion).
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