Located in the Middle East, Iran’s bilateral ties with India is on the rise. Within the first eight months of the year, Iran has exported goods worth $407 million to the Asian nation. This reflects a 40% growth in the export value as Iran in the January-August period last year exported $290 million worth of goods to India.
Petroleum products and fruits comprised a major share of Iran’s exports to India during this period. The Middle-East nation exported $102 million worth of petroleum products and $101 million of fruits to India in the January to August period.
A Look At The Trade Figures Of India And Iran
2022 have been very unusual for everyone. For the people in the agro-trade industry, every day of the year unfolded new challenges and presented new troubles. Talk about the Russian invasion of Ukraine which began early on in the year and disrupted the entire supply chain pushing the world to the verge of a food crisis or erratic weather patterns in different parts of the world that brought down production and raised fresh issues for domestic consumption, let alone exports.
However, it seems like Iran and India have overcome the odds in this regard. A look at the trade figures of the two countries suggests the growing bilateral ties between Iran and India.
Within the first eight months of 2022, Iran exported goods and commodities worth $407 million to India and registered a 40% growth in its export value in comparison to last year. A major share of Iran’s exports comprised petroleum and food products with the export value being $102 million and $101 million respectively for Iran during the given span of time.
India’s exports to Iran also witnessed a rise. During the January-August period in 2022, India exported goods worth $1.384 billion to the Islamic Republic. This figure stood at $ 886 million in the same period last year and a comparison of data shows a 56% rise in India’s exports to Iran.
Rice and tea were the major products shipped by India to Iran with figures being $913 million and $63 million respectively.
As per data collated and published by the Indian Ministry of Commerce and Industry, India and Iran conducted a trade worth $1.791 billion during the January-August period, a 52% growth in comparison to the last year.
Considering, just the month of August, India imported nearly goods worth $46 million from Iran in 2022, nearly double to what it imported in August last year. Simultaneously, India’s exports to Iran increased by 80% and stood at $141 million in August from $78 million last year.
The Bottom Line
In a year that proved to be unusual in so many aspects, Iran exported goods worth $407 million to India in the first eight months of 2022. This corresponds to a 40% rise and the increase in exports clearly indicates the growing bilateral ties between the two countries and their resolve to bolster the economic relations.
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