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Iran-India trade flourishes with surge in fresh fruit exports
(MENAFN) The trade relations between Iran and India have witnessed notable developments in the first three months of 2024, marked by significant shifts in import and export patterns. According to the Indian Ministry of Trade and Commerce, Iran's export of fresh fruits to India has doubled during this period compared to the previous year.
In contrast, Iran's import of rice from India experienced a 20 percent decline in the same timeframe, reflecting evolving trade dynamics between the two nations. Despite fluctuations in specific sectors, the total value of trade exchanges between Iran and India in the first quarter of 2024 reached USD520 million, representing a modest 2 percent growth compared to the corresponding period last year.
The bilateral trade figures underscore the mutual benefit derived from the economic partnership between Iran and India. India's exports to Iran surged by 11 percent, totaling USD356 million from January to March 2024, compared to USD322 million during the same period in 2023.
Conversely, India's imports from Iran saw a slight decline, amounting to USD164 million in the first quarter of 2024, representing a 12 percent decrease. Notably, India's export of rice to Iran experienced a significant downturn, declining by 20 percent to USD161 million in the first three months of 2024, compared to USD202 million in the previous year.
These shifts in trade patterns reflect the dynamic nature of economic relations between Iran and India, influenced by factors such as market demand, regulatory changes, and geopolitical dynamics. Despite the fluctuations, the overall trajectory of trade between the two countries remains resilient, with both sides continuing to explore opportunities for collaboration and growth in various sectors.
As Iran's fresh fruit exports to India soar and India's export portfolio to Iran diversifies, the bilateral trade partnership between the two nations is poised to deepen further, contributing to mutual prosperity and economic development. Continued cooperation and strategic engagement are key to unlocking the full potential of the Iran-India trade relationship in the years ahead.
In contrast, Iran's import of rice from India experienced a 20 percent decline in the same timeframe, reflecting evolving trade dynamics between the two nations. Despite fluctuations in specific sectors, the total value of trade exchanges between Iran and India in the first quarter of 2024 reached USD520 million, representing a modest 2 percent growth compared to the corresponding period last year.
The bilateral trade figures underscore the mutual benefit derived from the economic partnership between Iran and India. India's exports to Iran surged by 11 percent, totaling USD356 million from January to March 2024, compared to USD322 million during the same period in 2023.
Conversely, India's imports from Iran saw a slight decline, amounting to USD164 million in the first quarter of 2024, representing a 12 percent decrease. Notably, India's export of rice to Iran experienced a significant downturn, declining by 20 percent to USD161 million in the first three months of 2024, compared to USD202 million in the previous year.
These shifts in trade patterns reflect the dynamic nature of economic relations between Iran and India, influenced by factors such as market demand, regulatory changes, and geopolitical dynamics. Despite the fluctuations, the overall trajectory of trade between the two countries remains resilient, with both sides continuing to explore opportunities for collaboration and growth in various sectors.
As Iran's fresh fruit exports to India soar and India's export portfolio to Iran diversifies, the bilateral trade partnership between the two nations is poised to deepen further, contributing to mutual prosperity and economic development. Continued cooperation and strategic engagement are key to unlocking the full potential of the Iran-India trade relationship in the years ahead.
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