Trade turnover between India and Russia will increase
From January to August 2023 it approached 44 billion, which is higher than the index for the entire 2022
According to data by Russian media and based on reports from the trade ministries of both countries, in the first months of the year India imported 41.2 billion worth of goods from Russia, more than double last year’s figure ($17.1 billion), as reported by Prensa Latina, a partner of TV BRICS.
Meanwhile, Indian exports to Russia rose 50 per cent to $2.6 billion over the same period.
Overall, bilateral trade reached an all-time high of $43.8 billion in the first eight months of 2023, up 130 per cent from the same period in 2022.
The significant increase in indicators was caused by an increase in supplies of raw materials from Russia to India. Thus, in the first half of the year, the import of Russian goods to India increased 3 times to $31.5 billion, of which oil and petroleum products accounted for $25.2 billion.
The first place among suppliers of goods to India still belongs to China, despite a decrease in exports by 15.4%. The third supplier was the UAE ($12.7 billion).
Overall, the development of cooperation of these countries, including the supply of oil and gas, as well as joint projects in the field of renewable energy sources, is mutually beneficial.