India becomes Russia’s second largest trade partner
By IAR Desk
According to Russia’s RIA Novosti, India has become the second largest trade partner. Trade between the twocountries has grown by 1.8 times over 2023 to reach $64.9 billion.
China remains the top trading partner of the Russian Federation with $ 240.1 billion. Turkey comes at third place with $56.5 billi9n trade turnover.
Figures revealed that Russia’s top five trading partners do not include any Western country.
According to official figures, Russia had a total foreign trade turnover of $ 710,1 billi9n, of which 51 per cent was conducted with Asian countries, 23 per cent with European countries, 11 per cent with the Middle East region, 8 per cent with countries of the CIS, and three per cent with the African region.
Belorussia has emerged Russia’s fourth largest trade partner, with $55 billion bilateral trade. Kazakhstan followed climbing up from 8th position with bilateral trade volumes estimated at $26 billion.
These six countries accounted for 60 percent of Russia’s total foreign trade for the year 2023.
The second five countries in order of trade volumes include Germany and South Korea which has a $15billion trade turnover with Russia. The UAE, whose trade turnover with Russia, based on data available for the last 9 months, can increase to $12.1 billion is Russia’s eighth trade partner, while Brazil with $11.4 billion ranks ninth, the Netherlands now comes at a distant tenth, down four places from the previous year.
In a region wise breakup, the largest trade partners of Russia in Asia, apart from China, India, and South Korea, also includes Japan ($9.7 billion), and Hongkong ($5.9 billion). Amongst the CIS countries in Asia, Kazakhstan, Uzbekistan, and Armenia were those with which Russia’s trade volumes increased significantly:$26 billi9n; $9.9. billion; $7.3 billi9n respectively.
In Africa Egypt led with $5.5 billion trade turnover, marking a 40 percent increase in its bilateral trade with Russia,.
Iran has emerged a major trade partner of Russia in the Middle East, alongside Turkey and the UAE, with $4 billion bilateral trade; as has Saudi Arabia, with $3.3. Billion – a 1.5 times increase.
In South and North Americas , alongside Brazil, Russia has registered significant volumes of trade with the USA at $5.5 billion, Mexico at $2.2 billion; and Ecuador at $1.1 billion.
