Russia-India trade increased 11 times
Trade turnover between Russia and India has increased 11-fold in 10 years, to 65 billion USD.
According to RIA Novosti, calculations from the Indian Ministry of Commerce and Industry show that trade between Russia and India has increased 11 times over the past 10 years - to $65 billion by the end of 2023, and in the first four months of 2024, this figure has reached more than a third of the volume of 2023.
Specifically, in 2013, trade turnover between Russia and India only reached 6 billion USD, of which Russia's exports reached 3.8 billion USD, and India's was 2.2 billion USD.
Ten years later, in 2023, this figure increased 10.8 times - to an all-time record of $64.6 billion. Russia exported goods worth $60.6 billion to India, and India exported goods worth $4.1 billion to Russia.
The volume of trade between the two countries increased mainly against the background of increasing exports of Russian energy resources: in 10 years, this volume increased from 309 million USD to 53.4 billion USD. At the same time, Russian fertilizer exports increased 6.4 times, to 2.5 billion USD. Supplies of vegetable oils and fats also began to increase – by the end of 2023, their value reached 1.25 billion USD.
In the first four months of 2024, trade between Russia and India amounted to $23.1 billion, up nearly 36% from last year's level.
Indian Prime Minister Narendra Modi is on an official visit to Russia from July 8-9. Formal talks between Russia and India will take place on July 9.
The agenda for the talks is expected to be very broad. Russian presidential press secretary Dmitry Peskov said that public attention is focused on the fact that Moscow and New Delhi have a “common political will” to develop cooperation in many areas. Integration is progressing: the two countries are members of a number of common organizations, including BRICS and the Shanghai Cooperation Organization (SCO).
The Kremlin said that regional and global security issues “are always on the agenda of the summits.” Moscow expects that, given the “very trusting nature of the relationship” between President Putin and Prime Minister Modi, the Russian-Indian talks will see an exchange of views on all issues on the agenda.
For his part, India's First Deputy Foreign Minister Vinay Kwatra asserted that issues of regional and global significance would be "an important element of the negotiations".
On July 8, Russian President Putin and Indian Prime Minister Modi had an informal meeting at the Novo-Ogarevo residence, near Moscow. The two walked in the park and talked.
