Data issued by the Indian Ministry of Commerce revealed that Russian exports to India in the incomplete fiscal year 2022-2023 hit a record high and amounted to $41.6 billion.
According to official figures, Russia remains India’s fifth largest trading partner. Results for the 11 months of the fiscal year, which began in April 2022 and ended in March 2023, show that India imported products from Russia worth more than $41.6 billion, which is 4.2 times more than the previous record set at the end of the entire last fiscal year.
At the same time, the value of Indian products exported to Russia amounted to only $2.8 billion.
This led to a record trade deficit for India with Russia amounting to 38.75 billion dollars, and the trade balance between India and China recorded a larger deficit of 77.1 billion dollars.
India’s largest trading partners in the 2022-2023 fiscal year were the United States, with trade volume of $118.2 billion, China ($104.3 billion), the United Arab Emirates ($77.6 billion), and Saudi Arabia ($48.3 billion).
Source: RT