Russia has risen to seventh place from 25th in India’s most popular partners (October 21, 2022)
In the first five months of India’s fiscal year, which begins last year, the country’s trade with export earnings is over $18.2 billion.
This is evidenced by the data of the Ministry of Industry and Trade of India for the period from April to August 2022, TASS reports.
The growth of the Russian Federation indicator was the seventh consequence of India’s trading partner. In the last financial year, Russia was in 25th place with a total trade turnover of about $13 billion.
It is specified that India’s imports from Russia amounted to $17.2 billion, exports to the Russian Federation – $992.7 million. From the Russian Federation to India, mainly energy and fertilizers were supplied.
Russia is currently a suspected energy supplier to India – Saudi Arabia remains in the first place. As the Indian edition of The Economic Times wrote in early October, citing a review by cargo tracking company Vortexa, the volume of oil imports in Russia in New Delhi increased last month by more than 18%. In September, Indian oil refiners imported 879,000 barrels of vegetables daily. The increase in the supply of oil from Russia to India amounted to 18.5%. India is expected to buy more oil at the end of the quarter due to seasonal growth in domestic demand, with Russia’s share of the Indian crude oil market growing if the European Union sticks to plans to vote against Russia’s oil in December.