According to reports, Russia has become India's third-largest trading partner for the first time in history. Calculations based on data from the Indian Commerce Ministry indicate that trade between the two countries reached $27.1 billion during the first five months of 2023, as per Sputnik's analysis.

This substantial growth in trade highlights the strengthening economic ties between the two nations.

The data further reveals that India significantly augmented its imports of Russian goods, experiencing a remarkable 3.9-fold increase to reach $26.5 billion. This notable surge has solidified Russia's position as India's second-largest importer. Conversely, the export of Indian products to Russia also saw a substantial rise, growing by 2.6 times to reach $639 million.

These statistics reflect the increasing exchange of goods and commodities between India and Russia, demonstrating the mutually beneficial nature of their trade relationship. The remarkable surge in bilateral trade volume underscores the potential for further collaboration and economic cooperation between the two countries.

China retained its position as India's largest trading partner, with a turnover of $41.1 billion, although it experienced a 9.3% year-on-year decrease. The United States, New Delhi's second largest trading partner, saw a 12.5% decline in trade with India, resulting in a turnover of $30.4 billion.

Meanwhile, the United Arab Emirates (UAE) witnessed an 11% decrease in trade with India during the January-May period, resulting in a turnover of $24.2 billion. As a result, the UAE dropped to the fourth position. Saudi Arabia secured the fifth position with a turnover of $18.3 billion, marking a 9.1% year-on-year decrease in trade volume.

Image source: Reuters