Imports from the Russian Federation saw a 4.7-fold increase compared to the same period last year, making it the largest quarterly figure in history.
India imported Russian goods to the tune of $15.5 billion, making Russia the second-largest supplier of goods to the South Asian giant after China, according to data from India’s Ministry of Commerce and Industry.
Despite the fact that China has kept the title of India’s major exporter, its supplies of goods to the country reduced by 15.4% to $22.6 billion in the first quarter of 2023, according to the statistics.
The UAE is currently in third place, with its exports to India in January-March 2023 amounting to $12.7 billion, a $0.6 billion increase year-on-year.
The U.S. and Saudi Arabia have become India’s fourth and fifth largest suppliers of goods despite the fact that imports from these countries reduced by 8.8% and 10.9% respectively in the first quarter of 2023.
Meanwhile, Indian exports to Russia jumped 33% to $946.6 million, and the total trade between both countries more than quadrupled to $16.45 billion.
