Iran-India Trade Sees Growth in Q1 2023: Exports from Iran to India Rise by 12 percent
Date
5/17/2023 7:41:27 AM
(MENAFN) According to recent data released by India's Ministry of Commerce and Industry, Iran's exports to India experienced a significant increase of 12 percent in the first quarter of 2023. The total value of exports reached USD188 million, compared to USD168 million in the same period of the previous year. The report further highlights that the bilateral trade between the two countries amounted to USD510 million during January to March of this year, as reported by IRNA.
Although the overall trade volume between Iran and India saw a decline of 24 percent compared to the same period last year when it stood at USD678 million, this decrease was primarily attributed to a significant drop of 37 percent in Indian exports to Iran. The value of India's exports to the Islamic Republic decreased to USD322 million in the mentioned period from USD510 million in the previous year.
Rice emerged as the leading export commodity from India to Iran, accounting for 63 percent of the total export volume. Fruits, with a value of USD15 million, and tea, with USD10 million, secured the second and third positions, respectively.
On the other hand, oil products constituted the largest share of Iran's exports to India during the same period, amounting to USD65 million. Fruits and raw materials for paint production ranked as the second and third largest exported commodities, respectively.
It is worth noting that the trade relations between Iran and India have been growing steadily, with the value of bilateral trade reaching USD2.5 billion in 2022, marking a substantial increase of 48 percent from USD1.693 billion in the previous year. Moreover, India's exports to Iran during January-December 2022 witnessed a notable growth of 44 percent, reaching USD1.847 billion, compared to USD1.284 billion in 2021.
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