In a remarkable development that underscores the growing economic partnership between India and Russia, Indian exports to Russia have reached an unprecedented high, setting a new benchmark for bilateral trade. In June 2024, the monthly value of goods supplied from India to Russia soared to an impressive $475 million, marking a substantial increase from the previous year’s figure of $328 million. This significant growth, amounting to nearly a 50% rise year-on-year, has set a new record, surpassing the previous peak of $441 million observed in March 2024. The surge in exports reflects the strengthening trade ties and the expanding economic cooperation between the two nations.

In addition to the increase in Indian exports, Russian exports to India have also shown robust growth. Over the past year, these exports have risen by 18%, reaching $6 billion. Notably, higher monthly figures were only recorded twice, in May 2023 and 2024, further highlighting the consistent upward trend in bilateral trade. As a result, the overall trade volume between India and Russia has grown by 20% on a year-on-year basis, reaching a total of $6.4 billion. This figure represents the second-highest trade volume in recent history, following the record high of $7.5 billion achieved in late spring.

In the first half of 2024 alone, supplies from Russia to India increased by 13%, amounting to $35.8 billion. This makes Russia the second-largest supplier to India, after China, which exported goods worth $50.4 billion during the same period. Indian exports to Russia have also seen a substantial rise, increasing by a quarter to reach $2.5 billion.

Overall, the total trade turnover between Russia and India in the first six months of 2024 has increased by 14%, reaching $38.3 billion. This impressive figure represents 58% of the total trade volume for the entire previous year, signalling a robust and growing economic relationship between the two nations. The data, analysed from the Indian Ministry of Commerce and Industry, clearly illustrates the expanding scope of India-Russia trade relations, which continue to thrive and reach new heights.