TEHRAN (Iran News) – The trade between Iran and India with 48% growth reached $2.5b and India’s imports of Iranian oil products became four fold.
According to the data released by the Indian Ministry of Commerce, the total trade volume of Iran and India in 2022 was $2.5b. So the trade volume between the two countries enjoyed $48% growth in 2022 comparing to the preceding year which was $1.693b.
India’s exports to Iran from January to December of 2022 has faced 44% growth and hit $1.847b while the figure was $1.284b in 2021.
Meanwhile at the same time India’s imports from Iran in 2022 faced 60% growth and reached $653m while the figure was $409m in 2021.
According to this report, Rice has been the major export of India to Iran as rice accounted for 59% of the total export of India to Iran. India’s rice export to Iran in 2022 witnessed 52% growth and jumped from $719m to $1.098b. Tea and sugar were the other major exports of India to Iran.
As reported, petroleum products have been the major goods imported by India from Iran in the said months.
According to the mentioned data, the value of trade between Iran and India reached $2.5 billion in 2022, rising 48 percent from $1.693 billion in 2021.
In late May 2022, the Iranian ambassador to India said that Iran and India are trying to diversify the channels of payments to expand bilateral trade.
In an exclusive interview with Financial Express Online, Ali Chegeni said, “We are trying to diversify the channels of payments and accordingly wish to extend and expand an already existing mechanism in order to cover all of the goods and services including all of the non-oil goods and to achieve this”.
During the past two years, because of Covid restrictions, we pursue the issue via virtual dialogues and currently, our officials are following the matter through the exchange of delegations, the envoy stated at the time.