India-Russia trade turnover reaches $17.5 billion in Q1 2024

NEW DELHI: Trade between Russia and India reached a record US$17.5 billion in the first quarter of this year, while the exchange between the two countries exceeded $50 billion for the first time. In a statement carried by Russia Today, India's Ministry of Industry and Commerce said India-Russia trade recorded a 5 percent year-on-year growth, with the previous increase being $17 billion in the second quarter of last year. Russia exported $16.3 billion worth of goods to India in the first quarter, up from $15.6 billion a year earlier. Indian goods exports to Russia also rose 22 percent to $1.2 billion between January and March. Russia is the second major supplier of goods to India after China with shipments of $24.8 billion. Source: Emirates News Agency