NEW DELHI, November 14. /TASS/. India increased imports of goods from Russia by more than 8.8% in April-October compared to the same period last year, India’s Ministry of Economic Development and Trade reported.

"The five largest sources of imports showing growth in April-October 2024 compared to April-October 2023 are the UAE (55.12%), China (9.8%), Russia (8.85%), Taiwan (45.45%), and Angola (99.84%)," the statement said.

At the same time, in October 2024, the volume of imports from Russia increased by 25.98% compared to October last year.

India's total imports for the period April-October 2024 are estimated at $531.51 bln, registering a growth of 7.05%. Total exports for the same period are estimated at $468.27 bln, registering a growth of 7.28%. India's trade with Russia in the fiscal year 2023-24, which ended on March 31, increased 1.8-fold to $65.7 bln.

Russia has become India's fourth largest trading partner after the US, China and the UAE. Moscow and New Delhi have decided to increase bilateral trade to $100 bln by 2030.

The ministry also said that India's exports grew by 17.25% to $39.2 bln in October, the best result in recent months. According to its data, imports in October rose to a new record level of $66.34 bln, which is 3.9% more than in the same month last year. At the same time, the trade deficit rose to $27.1 bln. The trade grew against the backdrop of an increased demand for Indian products in Europe and the United States, overcoming the stagnation in September.

India's exports in September stood at $34.58 bln while imports were $55.36 bln. The trade deficit for the month was $19.37 bln.

Commerce Secretary Sunil Barthwal said India's non-oil exports rose to $211.3 bln between April and October. If the trend continues, India's total exports, including services, will cross the $800 bln mark in the current fiscal year 2024-2025, setting a new record.