India-Russia trade turnover breaks records

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 US$50 billion for the first time.

India's Ministry of Industry and Commerce said India-Russia trade recorded a 5 per cent year-on-year growth, with the previous increase being US$17 billion in the second quarter of last year.

Russia exported US$16.3 billion worth of goods to India in the first quarter, up from US$15.6 billion a year earlier. This is reported by Emirates News Agency (WAM), a partner of TV BRICS.

Indian goods exports to Russia also rose 22 per cent to US$1.2 billion between January and March. Russia is the second major supplier of goods to India after China with shipments of US$24.8 billion. The UAE remains in third place (up 25 per cent to US$26.1 billion). Saudi Arabia rounds out the top five.