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Iran’s export to India increases 40% in 8 months

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NEW DELHI : The value of Iran’s export to India increased by 40 percent in the first eight months of 2022, from the same period of time in 2021, IRNA reported citing the data released by the Indian Ministry of Commerce and Industry.

As reported, Iran exported commodities worth $407 million to India in the eight-month period of this year, while the figure was $290 million in the same time span of the past year.

Petroleum products and fruits were the major products Iran exported to India in the said period. Iran exported $102 million worth of petroleum products and $101 million of fruits to India in the mentioned time span.

During January-August of the present year, India’s export to Iran also increased 56 percent to stand at $1.384 billion, while the figure was $886 million in the first eight months of 2021.

Rice and tea were India’s major products exported to Iran in the said period during which the country shipped $913 million worth of rice and $63 million worth of tea to the Islamic Republic.

According to the Indian Ministry of Commerce and Industry, the value of trade between Iran and India stood at $1.791 billion during January-August 2022, rising 52 percent from $1.176 billion in the same period of time in 2021.

Based on the mentioned data, India’s imports from Iran in August doubled compared to the same month in 2021 reaching $46 million. India imported $23 million worth of goods from Iran last August.

India’s exports to Iran in August also increased by 80 percent to reach $141 million from last August’s $78 million.

In late May, Iranian Ambassador to India Ali Chegeni 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, 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.

“We want to develop our economic and trade relations beyond energy and petrochemical products. Due to the complementarity 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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