Trade turnover increased impressively, India sold this item to Russia for the first time

Trade turnover between Russia and India in the period January-April 2024 increased by 10% compared to the same period last year and reached a record $23.1 billion.

Russia-India trade turnover hits record high. (Source: Getty Images)

According to data from Indian customs, in the first four months of this year, India's total imports of Russian goods increased to $21.6 billion, making Russia the second largest supplier to the South Asian country, after China.

India's import turnover of goods from China during this period reached 32.6 billion USD.

Moscow also increased its imports from New Delhi by 21% to $1.6 billion, moving it from 33rd to 29th place among the main importers of Indian products, currently led by the United States with $27.4 billion.

As a result, total trade turnover between the two countries increased from $21 billion in the first four months of this year to $23.1 billion, and Russia remains the South Asian country's fourth largest trading partner.

India also supplied aluminium to Russia, the world's second-largest aluminium exporter, for the first time.

In April 2024, the South Asian country sold 44,800 tons of raw aluminum to Moscow companies, worth a total of $16.5 million. This was the first time India exported aluminum to Russia since early 2009.

Russia itself is a major exporter of the metal. By the end of 2023, it was the second largest exporter of aluminum in the world, with exports worth $6.5 billion.

According to the forecast of the Russia-Asia Business Council, trade turnover between the two countries could reach 100 billion USD by 2030.

According to estimates, Russia's exports to India could increase from $32.5 billion in 2022 to $72-95 billion in 2030. Import turnover in the same period also increased from $2.5 billion to more than $20 billion.

"Russia's export growth to India will be mainly driven by energy goods, while import growth will be driven by pharmaceuticals and chemicals," analysts predict.

Source: https://baoquocte.vn/kim-ngach-thuong-mai-tang-an-tuong-an-do-lan-dau-ban-mat-hang-nay-cho-nga-277111.html