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.