Trade turnover between Russia, India to reach record high this year

Trade turnover between Russia, India to reach record high this year

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Trade turnover between Russia, India to reach record high this year

It is noted that Russia and India are going to expand the trade turnover structure on account of processed products and value added goods.

The current geopolitical situation has opened new opportunities for economic cooperation between Russia and India and the two countries will surpass their trade turnover record set in 2021, Russian Ambassador in New Delhi Denis Alipov said on Wednesday.

Russia is giving priority to economic interaction with India, the diplomat said. “We saw a record in mutual trade last year, totaling INR 108000 Crores. It will be surpassed this year and a new mark will be set,” Alipov noted.

“The current situation unveiled new opportunities and set new records. We are going to take advantage of these prospects; both sides are interested. I am confident we will succeed on this path,” he added.

Russian exports to India increased manifold from January to September, the Ambassador noted. “For example, such commodities as fuel, mineral oil, and petrochemicals – [exports surged] more than six fold. Exports of Russian fertilizers soared almost sevenfold,” the diplomat said.

Energy resources constitute about 80% of Russian exports to India. “In addition to energy resources, fertilizers account for a significant share in the trade turnover. Exports of vegetable oil, animal fat, iron and steel, paper, cardboard and lumber items are on the rise,” Alipov noted.

Russia and India are going to expand the trade turnover structure on account of processed products and value added goods, the diplomat added.