BREAKING

Russia becomes India's second largest exporter of goods

By Al Mayadeen English
Source: News Agencies
16 May 2023 21:19

China has remained India's largest exporter of goods, however, the rate of exported goods has decreased by 15.4% in the first four months of 2023.

Russian President Vladimir Putin shakes hands with Indian Prime Minister Narendra Modi on November 13, 2019 (Reuters)

In the first four months of 2023, Russia's exported goods to India totaled around $15.5 billion: which is 4.7 times that of the exports in the first four months of 2022, according to the trade data of the first quarter of 2023 provided by the Indian Ministry of Commerce.

China has remained India's largest exporter of goods, however, the rate of supplied goods has decreased by 15.4% in the first four months of 2023.

UAE ranks third among India's largest exporters of goods: amounting to $12.7 billion in the first quarter of 2023, according to data provided by the Commerce Ministry.

The US and KSA rank as the fourth and fifth largest exporters of goods with India despite being reduced by 8.8 % and 10.9% respectively.

Back in February, Russian energy giant Novatek signed a memorandum of agreement (MOU) with India's Deepak Fertilisers and Petrochemicals Corp. to cooperate on supplying the latter with LNG and low-carbon ammonia.

According to the deal, Novatek would supply LNG to Deepak Fertilisers on a spot and long-term basis, including gas from the Arctic LNG 2 project.