Moscow: According to calculations based on information from the Indian Ministry of Commerce and Industry, Russia has surpassed China to become India's fifth-largest trading partner over the past year, according to RIA Novosti on Thursday.

Russia exported goods worth $41.6 billion to India in the fiscal year that ran from April 2022 to March 2023, according to the report. The amount is more than four times the previous fiscal year's record.

In the reporting period, trade between the two nations totaled $44.4 billion, with India exporting goods to Russia worth $2.8 billion.

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The US had trade turnover of $118.2 billion during the reporting period, followed by China ($104.3 billion), the UAE ($77.6 billion), and Saudi Arabia ($48.3 billion).

According to a previous statement by the Indian Minister of External Affairs, Subrahmanyam Jaishankar, bilateral trade between Moscow and New Delhi has grown significantly over the past year and has now surpassed the $30 billion by 2025 goal that the two nations originally set.

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This is largely because India has increased its purchases of Russian oil as a result of Moscow being forced to divert its energy exports away from Western nations due to the sanctions relating to the Ukraine.

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According to data from cargo tracker Vortexa, India's purchases of Russian oil increased to an all-time high of 1.64 million barrels per day in March, almost doubling the quantity supplied by Saudi Arabia, the nation's second-largest oil supplier. Last month, 34% of the oil imported by India came from Russia.