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 $50 billion for the first time.

In a statement carried by Russia Today, India's Ministry of Industry and Commerce said India-Russia trade recorded a 5 percent year-on-year growth, with the previous increase being $17 billion in the second quarter of last year.

Russia exported $16.3 billion worth of goods to India in the first quarter, up from $15.6 billion a year earlier.

Indian goods exports to Russia also rose 22 percent to $1.2 billion between January and March.

Russia is the second major supplier of goods to India after China with shipments of $24.8 billion.