Bilateral Trade
India-Iran bilateral trade during the FY 2022-23 was $2.33 billion, registering a growth of 21.76% YOY. During the period, India’s export to Iran was $1.66 billion (a growth of 14.34% YOY) and India’s import from Iran was $ 672.12 million (a growth of 45.05% YOY). In the current fiscal year from period April 2023- July 2023, bilateral trade stood at USD 660.70 million. During the period, Indian exports amounted to USD 455.64 million; and Indian imports amounted to USD 205.14 million. Total trade decreased by 23.32 % as compared to the corresponding figure of the previous year.
Trade figures in USD billion for the past few years are as follows-
|
Year
|
India’s Exports to Iran
|
India’s Imports from Iran
|
Total Trade
|
Growth Rate (%)
|
|
2019-20
|
3.38
|
1.39
|
4.77
|
|
|
2020-21
|
1.77
|
0.33
|
2.10
|
-55.9
|
|
2021-22
|
1.45
|
0.46
|
1.91
|
-9
|
|
2022-23
|
1.66
|
0.67
|
2.33
|
21.6
|
|
April 2023- July 2023
|
0.45
|
0.21
|
0.66
|
-23.32
|
(Source: Department of Commerce of India)
Major Indian exports to Iran includes basmati rice, tea, sugar, fresh fruits, drugs/pharmaceuticals, soft drinks-other than sharbat, kernels H.P.S, boneless bovine meat, pulses etc.
Major Indian imports from Iran includes saturated methanol, petroleum bitumen, apples,liquified propane, dry dates, inorganic/organic chemicals, almonds, etc.
