Trade between Iran and India sees a five percent increase.

In January and February 2024, India’s exports to Iran surged by 20 percent year-on-year, reaching US$269 million, as reported by the Tehran Times in collaboration with TV BRICS. This marked a notable increase from the US$224 million worth of goods India shipped to Iran during the same period in 2023. However, India’s imports from Iran saw a decline of 19 percent during these two months, amounting to US$108 million compared to the previous year’s US$134 million.

The primary imports from Iran to India in the initial two months of 2024 included oilseed cake, rice, and fruits. Conversely, India’s main imports to Iran during the same period were fruits, raw materials for color production, and petroleum products.

According to the Promotion Organization of Iran (TPO), in the last Iranian calendar year ending on March 19, Iran’s exports to India totaled US$2.217 billion, reflecting a 2 percent increase from the previous year’s US$2.175 billion. Notably, Iran achieved a positive trade balance with India last year.

India’s Ministry of Commerce and Industry released data indicating that the total trade between the two countries exceeded US$200 million in January. Despite a relatively stable figure of US$699 million in Iran’s exports to India in the past year, India’s exports to Iran experienced a decline of 35 percent, amounting to US$1.187 billion in January-December 2023, compared to US$1.847 billion in the previous year. Petroleum products remained the primary commodity imported by India from Iran in 2023, with imports amounting to US$221 million, signifying a 26 percent increase compared to the previous year. In 2023, rice remained India’s main export to Iran.