The Indian Ministry of Commerce and Industry said that Russian Federation-India trade rose to $43.8 billion in January-August. This figure is higher than for the whole of last year. This was reported by the RIA Novosti news agency.
The agency noted that in the first eight months of the current year, India purchased $41.2 billion worth of Russian goods against $17.1 billion last year. At the same time, New Delhi increased the supply of its own products to its northern partner by 1.5 times and rose to 2.6 billion dollars.
Thus bringing the trade turnover between the two countries to an all-time high of $43.8 billion. The Commerce Ministry emphasised that this is 2.3 times the trade volume in January-August last year and 20 per cent higher than the result for the whole of 2022.
New Delhi’s trade deficit with Moscow also remains an issue. It is known that for eight months it increased by 2.5 times compared to the indicator of the same period of the previous year – up to $ 38.6 billion.
Such a serious growth in trade enables Russia to continue to be India’s fourth largest trading partner and also be the most important supplier of goods to this country.
Earlier, Federation Council Speaker Valentina Matvienko said that today Russia’s mutual trade turnover with India is about $50 billion a year. At the same time, it has much more potential. The Speaker of the Council recalled that a parliamentary friendship group of the Federal Assembly and the Indian Parliament had been set up in Russia. However, this group has not yet started its work. “We should work together to launch it,” Matviyenko urged. In turn, the Indian representative said that their country would do everything possible to make it happen as soon as possible.