The Indian ministry put the worth of Iran’s exports to India at US$134 million in January and February 2023, while the figure was US$70 million in the same time period of 2022, IRIB reported.
The value of trade between the two countries dropped 13% to US$358 million in the first two months of year 2023, from US$412 million in the first two months of the past year.
According to the data released previously by the Indian Ministry of Commerce and Industry, the value of Iranian export to India increased by 60% in 2022 as compared to the year 2021.
The Indian ministry put the worth of Iran’s exports to India at US$653 million in 2022, while the figure was US$409 million in 2021.
As reported, petroleum products have been the major goods imported by India from Iran during this period.
According to the data, the value of trade between Iran and India reached US$2.5 billion in 2022, rising 48 percent from US$1.693 billion in 2021.
During January-December 2022, India’s export to Iran also increased by 44% to US$1.847 billion, while the figure was US$1.284 billion in 2021.
Rice was India’s major export to Iran, during which the country shipped US$1.098 billion worth of rice to the Islamic Republic.
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.
“We want to develop our economic and trade relations beyond energy and petrochemical products. because, due to the complementarily of Iran and India's economies, an extensive range of non-oil trade exists between the two sides including trade on goods and services, investment, tourism, education, and … which may pave the way for multiplying our economic relations ten times more than current relations in mid and long terms”, Chegeni said.
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