India and Russia forge stronger economic ties amid record trade growth

India's exports to Russia reached a record high of 3,987.63 crore INR ($475 million) in June 2024, marking a nearly 50% increase on the year before. This surpasses the previous peak of 3,702.20 crore INR ($441 million) set in March 2024, establishing a new high for Indian exports to Russia.

Concurrently, Russian exports to India grew by 18% year-on-year, totalling 50,370 crore INR ($6 billion) in June. Bilateral trade between India and Russia rose by 20% compared to the previous year, amounting to 53,728 crore INR ($6.4 billion) for the month. This figure represents the second-highest monthly trade volume in recent history, second only to the late spring record of 62,962.50 crore INR ($7.5 billion).

In H1 2024, Russian exports to India increased by 13% to 3,00,541 crore INR ($35.8 billion). Only China surpassed this figure, exporting 4,23,108 crore INR ($50.4 billion) to India during the same period. Indian exports to Russia saw a 25% increase, reaching 20,987.50 crore INR ($2.5 billion).

Russia maintains its position as the 29th largest recipient of Indian exports. The top five importers of Indian goods are the United States (3,49,232 crore INR; $41.6 billion), UAE (1,65,381.50 crore INR; $19.7 billion), Netherlands (1,17,530 crore INR; $14 billion), Singapore (75,555 crore INR; $9 billion), and China (71,357.50 crore INR; $8.5 billion).

Overall, the trade turnover between Russia and India for H1 2024 grew by 14% to 3,21,528.50 crore INR ($38.3 billion), representing 58% of the total trade volume for the entire previous year.

Source: RIA Novosti