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Russia Becomes India's Seventh-largest Trading Partner in 2023

Russia and India have a history of reliable cooperation. The expanding ties between India and Russia have an impact on Indian foreign policy. The relationship has taken on a qualitatively new character with increased levels of cooperation in practically all fields since the "Declaration on the India-Russia Strategic Partnership" was signed in October 2000.

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Russia Becomes India's Seventh-largest Trading Partner in 2023

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  1. Russia Becomes India's Seventh-largest Trading Partner in 2023

  2. Russia Becomes India's Seventh-largest Trading Partner in 2023 Russia and India have a history of reliable cooperation. The expanding ties between India and Russia have an impact on Indian foreign policy. The relationship has taken on a qualitatively new character with increased levels of cooperation in practically all fields since the "Declaration on the India-Russia Strategic Partnership" was signed in October 2000. Despite Western calls to restrict energy supplies from the sanctioned invader of Ukraine, India-Russia bilateral trade in 2022–2023 reached a new high. India and Russia have improved their trade ties despite these dangers this year. India's Ministry of Commerce and Industry reports that between April and August of 2022, bilateral trade between the two countries reached a new high of $18.2 billion. This was mostly caused by an increase in imports of fertilizer and oil.

  3. Russia Becomes India's Seventh-largest Trading Partner in 2023 According to Russia Import Data, $18,229.03 million in bilateral trade between India and Russia during the course of five months, imports accounted for $17,236.29 million, while exports to Russia were only $992.73 million. Russian imports rose by more than 500% year over year in the months of June, July, and August 2022. According to Petroleum import data, Petroleum oil and other fuels, including bituminous materials, mineral waxes, mineral fuels, mineral oils, and their distillation products, made up 84% of India's total imports from Moscow between April and August 2022, totalling $14,476.52 million. Throughout the entire year, 91% of all Russian imports were fertilizers and fuels according to Export Import data. In February 2023, Russia became India's fifth-largest trading partner due to an increase in oil imports from that nation. Russia today has more bilateral trade than nations like Indonesia, Iraq, Singapore, South Korea, and Australia.

  4. Who is India’s Largest Trading Partner? According to Export Import data of Russia, the United States is India's largest trading partner, followed by China and the United Arab Emirates. The total bilateral trade between India and the US in 2021-22 was valued at around $96.72 billion, with India exporting goods worth around $45.24 billion and importing goods worth around $51.48 billion from the US according to Russia import data. The trade between India and China has been growing over the years, with the bilateral trade in 2021-22 valued at around $92.89 billion. India primarily exports raw materials, such as iron ore, cotton, and organic chemicals, to China, while it imports finished goods, such as electronics and machinery, from China. However, United Arab Emirates is India's third-largest trading partner, with the bilateral trade in 2021-22 valued at around $60.36 billion. India primarily imports crude oil from the UAE and exports various goods, such as jewellery, textiles, and engineering products, to the UAE according to Indian export and import data.

  5. Top 10 India’s Trading Partners • China: China is India's largest trading partner, with total trade between the two countries reaching $88.01 billion in 2020-21. • United States: The United States is India's second-largest trading partner, with total trade between the two countries reaching $64.71 billion in 2020-21. • United Arab Emirates: The United Arab Emirates is India's third-largest trading partner, with total trade between the two countries reaching $34.45 billion in 2020-21. • Saudi Arabia: Saudi Arabia is India's fourth-largest trading partner, with total trade between the two countries reaching $26.08 billion in 2020-21. • Hong Kong: Hong Kong is India's fifth-largest trading partner, with total trade between the two countries reaching $17.67 billion in 2020-21.

  6. Top 10 India’s Trading Partners • Singapore: Singapore is India's sixth-largest trading partner, with total trade between the two countries reaching $16.79 billion in 2020-21. • Germany: Germany is India's seventh-largest trading partner, with total trade between the two countries reaching $15.7 billion in 2020-21. • South Korea: South Korea is India's eighth-largest trading partner, with total trade between the two countries reaching $14.17 billion in 2020-21. • Japan: Japan is India's ninth-largest trading partner, with total trade between the two countries reaching $13.96 billion in 2020-21. • Bangladesh: Bangladesh is India's tenth-largest trading partner, with total trade between the two countries reaching $10.17 billion in 2020-21.

  7. Facts about Russia and India Trade Relationship • One of the key reasons for the growth of trade between Russia and India is the increasing demand for energy resources in India. Russia is one of the world's largest producers of oil and gas, and India has been making efforts to diversify its sources of energy. The two countries have been cooperating in the energy sector for many years, and this has resulted in significant trade in crude oil, natural gas, and coal. Also, there are several reasons for Russia and India's trade relationship. • In FY 2021–2022, India bought 1,225 goods from Russia. • Mineral fuels, mineral oils & products, bituminous materials, and mineral waxes are India's top imports from Russia ($5,035.27 million), followed by pearls, precious or semi-precious stones/metals and articles thereof, imitation jewellery, and coins ($1,253.32 million) in the fiscal years 2021–22 according to Indian export and import data.

  8. From April through November 2022, Russia's imports into India totalled 29.03 billion dollars. • From April to November 2022, India would import petroleum products from Russia, including crude (of US$ 19,237 million), coal, coke, and briquettes (worth US$ 3,181 million), and others. • As per the Export Import data, Electrical machinery, equipment, and parts thereof, as well as sound and television recorders and reproducers, and parts thereof, account for the majority of India's exports to Russia in fiscal years 2021–22 ($518.63 million), followed by iron and steel ($479.52 million).

  9. In conclusion, the growth of trade between Russia and India has been driven by a range of factors, including the increasing demand for energy resources in India, the demand for Russian military equipment, and cooperation in other sectors such as space exploration. Both countries have been taking steps to facilitate trade, including improving their transportation infrastructure and making it easier to do business. With the continued growth of their economic relationship, it is likely that Russia will continue to be an important trading partner for India in the years to come. So, if you have any queries related to Export data Russia, Russia import data, and Indian export and import data, Contact Seair Exim Solutions to explore the Indian as well as the global market. We will also provide Petroleum import data, HS codes, and much more. Connect today!

  10. Seair Exim Solutions For free sample data report and free live demo data search Contact no.: 9990837766 Email: info@seair.co.in Website: www.seair.co.in

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