Bilateral trade between Russia, India skyrockets, expanding beyond energy

Trade between Russia and India has surged dramatically, with the bilateral trade turnover increasing nearly sevenfold over the past five years, underscoring the strengthening economic ties between the two nations.

Russia’s First Deputy Prime Minister Denis Manturov highlighted this significant growth during a recent statement, Caliber.Az reports, citing Russian media.

Manturov emphasized India’s emergence as one of Russia’s top three largest foreign trade partners, a development reflecting both quantitative expansion and diversification of trade relations.

“India is confidently entering the top three of our largest foreign trade partners. What is especially important is that alongside the growth in trade volume, the range of goods is also expanding,” Manturov stated.

While energy resources continue to dominate Russian exports to India, the portfolio of traded goods has notably broadened. Manturov outlined that, beyond the traditional energy supplies, Russia now exports mineral fertilizers, metallurgical and forestry products, diamonds, energy equipment, and foodstuffs to the Indian market.

By Vafa Guliyeva