Trade between Russia and India more than doubled from January-August 2023 compared to the same period in the previous year, reaching $43.8 billion, according to data from the Indian Commerce Ministry.
This is 20% more than the figure recorded for the whole of 2022, Sputnik estimates.
Trade deficit between the two countries also more than doubled to $38.6 billion. The South Asian nation imported $41.2 billion worth of Russian goods in the first eight months of this year, versus $17.1 billion seen a year ago, whereas exports grew only to $2.5 billion.
Russia is India’s fourth-largest trade partner after the United States, China and the United Arab Emirates, which all saw their trade with India decrease from January-August of this year compared to the same period in 2022. US trade with India was down by 10% to $80.8 billion, China’s by 8% to $75.3 billion, and the UAE’s by 9% to $51.2 billion.
