Russia-India trade reaches historic record.

According to data from India's Ministry of Commerce and Industry, by the end of May, Russian companies had exported goods worth $7.1 billion to India, a one-third increase from the previous month and an 18% increase compared to last year. At the same time, Indian businesses' exports to Russia also increased by 5% during the month and 1.4 times year-on-year to $425.4 million.

Therefore, the value of trade between the two countries reached a record high of $7.5 billion. Previously, the highest level was in May 2023, while February and March of this year reached $6.3 billion.

Bilateral trade between Russia and India continues to grow, reaching record levels. Photo: Depositphotos

Meanwhile, in the first five months of this year, supplies from Russia to India increased by 11.4% to $28.7 billion. Only China outnumbered India, with $41.1 billion worth of goods exported to the country.

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India's goods exports have increased by a quarter since the beginning of the year to $2 billion. Russia remains the 29th largest importer of Indian products.

India's five largest import markets include: the US ($34.9 billion), the UAE ($16.6 billion), the Netherlands ($12 billion), Singapore ($8.1 billion), and China ($7.3 billion). Trade between Russia and India increased by 12% to $30.7 billion between January and May, representing 48% of the total trade value for the entire previous year.

According to Russian Ambassador to India Denis Alipov, Moscow has become one of New Delhi's top four trading partners.

Analysts from the Russia-Asia Business Council (RABC) predict that annual trade between India and Russia will reach $100 billion by the end of this decade.

According to experts, Russia's export growth will largely be driven by energy resources, while the increase in imports from India will come from increased purchases of pharmaceutical and chemical products. Russia is also expected to increase sales of fertilizers, machinery and equipment, timber products, and basic metals to India.

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Russian exports to India are projected to increase from $32.5 billion in 2022 to $95 billion in 2030, while imports are predicted to rise from $2.5 billion to over $20 billion during the same period.

India has become one of Russia's largest buyers of oil and coal since February 2022. Analysts expect demand for these commodities in the South Asian country to increase further in the coming years.

Source: https://congthuong.vn/thuong-mai-nga-an-do-lap-ky-luc-lich-su-332557.html