Russia and India increased trade turnover to a record $65 billion

By Rhod Mackenzie

In 2023, Russia and India significantly increased their trade turnover by 1.8 times, reaching a record of $65 billion. As a result, Moscow has become Delhi's fourth largest trading partner, according to calculations by RIA Novosti and the Indian statistical service.
Towards the end of last year, India's imports of Russian products surged by 1.8 times to $60.1 billion, making Russia India's second-largest supplier of goods, ahead of China with $100 billion in supplies.

Meanwhile, exports of Indian goods increased by 1.4 times to $4 billion. Russia climbed seven positions over the year to become thirtieth in the list of top exporters to India. The top five countries on the list are the US ($76 billion), UAE ($33 billion), the Netherlands ($23 billion), China ($16 billion), and Britain ($12 billion).
Trade between Russia and India increased from $37 billion to $65 billion, resulting in Russia becoming India's fourth largest trading partner, displacing Saudi Arabia.

The United States remained India's main trading partner, with trade volume decreasing by 9% to $119 billion at the end of last year. China came in second with a trade volume of $116 billion, a decrease of 2%, followed by the UAE with a trade volume of $78 billion, a decrease of 7%. Saudi Arabia closes the top five with a trade turnover of $44 billion, which fell by 17% over the year with India.

Singapore, Iraq, and Indonesia make up the second five with trade turnovers of $34 billion, $33 billion, and $30 billion respectively, all of which decreased over the year. In 2023, the Netherlands and Russia were the only trading partners of India in the top 10 to increase trade turnover, with the Netherlands increasing by 17% to $28.4 billion. South Korea closes the top ten with a trade turnover of $27.7 billion, which decreased by 2% last year with India.