Iran-India trade at $510 in March quarter
Figures by India’s Ministry of Commerce and Industry show that trade between Iran and the South Asian nation reached $510 million in the first quarter of 2023.
The figures demonstrated a 24% decrease compared to the same period last year when the total volume of trade between Iran and India had reached $678 million.
The decrease was caused by a 37% drop in Indian exports to Iran as shipments reached $322 million in January-March compared to $510 million reported over the same period last year.
However, India’s imports from Iran rose by 12% in the first quarter of this year and reached $188 million from $168 million in the same period in 2022.
According to the report, rice had the largest share in India’s exports to Iran with 63% of the total volume of exports. Fruits with $15 million and tea with $10 million ranked second and third.
Oil products also constituted the largest share of exports from Iran to India with $65 million in the March quarter, followed by fruits and raw materials for paint production.