Russia-India trade sets historic record

According to data from the Indian Ministry of Commerce and Industry, Russian companies exported goods worth $7.1 billion to India at the end of May, up a third from the previous month and 18 percent from a year earlier. At the same time, Indian business exports to Russia also increased by 5 percent on the month and 1.4 times on the year to $425.4 million.

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

Bilateral trade volume 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 had more, with goods worth $41.1 billion exported to India.

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

India’s top five import markets for goods 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 in the January-May period increased by 12% to $30.7 billion, equivalent to 48% of the total trade value last year.

According to Russian Ambassador to India Denis Alipov, Moscow has become one of New Delhi's top four major 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 be largely driven by energy sources, 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, wood products and basic metals to India.

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

India has become one of Russia's largest oil and coal buyers 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