Trade turnover between Russia and India rose significantly by the end of 2023, climbing 1.8 times to a record 65 billion dollars from 37 billion the year before. This growth was reported by RIA News, drawing on data from the Indian Statistical Service. The surge reflects a sharpening economic alliance between the two nations and underscores the expanding scale of bilateral commerce in a rapidly changing global market. [Source: RIA News, Indian Statistical Service]
As a result, the Russian Federation emerged as India’s fourth largest trading partner and the second major supplier of goods after the United States, China, and the United Arab Emirates. India imported Russian goods worth 60.1 billion dollars over the prior 12 months, a figure that nearly doubled the 2022 total. By comparison, China remained the leading supplier, with approximately 100 billion dollars in goods. These shifts illustrate how supply chains and trade routes are evolving amid broader geopolitical and economic developments. [Source: RIA News, Indian Statistical Service]
At year end, the top five importers of Indian goods included the United States with 76 billion dollars, the UAE with 33 billion, the Netherlands with 23 billion, China with 16 billion, and the United Kingdom with 12 billion. Russia rose to the 30th position, supplying around 4 billion dollars worth of Indian imports. The data highlights a diversified import structure for India and shows Russia gaining ground in a market shaped by price, policy, and logistical considerations. [Source: RIA News, Indian Statistical Service]
Recent reports noted higher costs for delivering goods from India to Russia, driven in part by the Houthis situation and related shipping constraints. Businesses in both markets have been adapting through alternative routes, longer transit times, and cost management strategies to maintain steady bilateral trade despite these challenges. [Source: RIA News, Indian Statistical Service]
Earlier statements indicated India’s openness to participate in the Sakhalin-2 project, reflecting ongoing collaboration in energy and resource sectors. The proposed project involvement aligns with mutual interests in securing energy supplies and expanding regional cooperation, even as market dynamics continue to shift with global energy prices and policy changes. [Source: RIA News, Indian Statistical Service]