OREANDA-NEWS  According to the results of the first quarter, the trade turnover between Russia and India increased by 5 percent compared to the indicator for January-March 2023 and reached a record (in quarterly terms) level of $ 17.5 billion. This is reported by RIA Novosti with reference to its own calculations.

It is clarified that the analysis was conducted based on statistical data from the Indian Ministry of Industry and Trade (Ministry of Industry and Trade). The previous maximum was set in the second quarter of 2023, when the volume of bilateral trade amounted to about $ 17 billion. Thus, the figure achieved in January-March 2024 turned out to be 500 million higher.

The highest volumes of trade turnover in the first quarter were recorded in March. According to the results of the first month of spring, the figure amounted to a total of 6.3 billion dollars. In January, bilateral trade was estimated at 6 billion, and in February at 5.2 billion. At the same time, the March figure fell slightly short of the record value set in May 2023 (6.33 billion).

Russian exports continue to play a dominant role in bilateral relations. Thus, by the end of January-March, domestic companies sent products to India totaling $ 16.3 billion (plus 700 million in annual terms), while Indian companies sent only 1.2 billion (plus 22 percent). As a result, Russia took the second place in terms of exports to India, second only to China (24.8 billion).

The trade turnover between Russia and India has been growing for several years. Thus, by the end of 2023, the volume of bilateral trade increased 1.8 times compared to 2022 and reached a record level of 64.1 billion dollars. Russian exports accounted for $60.1 billion, while Indian exports accounted for $4 billion. As a result, the Russian Federation ranked fourth in the list of India's main trading partners, behind the United States, China and the United Arab Emirates (UAE).