Bilateral Trade Bilateral Trade

Bilateral Trade

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.