The trade exchange between the two countries declined by 26 percent in 2023 compared to its previous year, the figure was reported to be $2.499 billion in 2022.
According to the Indian Ministry data, Iran exported commodities valued at $699 million to India during the past year, registering no significant change from 2022.
Petroleum products were the top goods imported by India from Iran in 2023, and India imported $221 million worth of such products from Iran this year. The import of Iranian oil products by India in 2023 increased by 26 percent compared to the previous year.
Raw materials for dye production and various fruits were also among the top exported goods to India in 2023.
India’s exports to Iran in January-December 2023 experienced a 35 percent decrease and reached $1.187 billion. In the previous year, India had exported $1.847 billion worth of goods to Iran.
Rice was the top export product of India to Iran in 2023. India’s rice exports to Iran decreased by 34 percent in 2023, falling from $1.98 billion in 2022 to $723 million.
India’s tea export to Iran also declined by almost a third, from $86 million in 2022 to $30 million in 2023. The country’s fruit exports to Iran however increased by 14 percent and reached $55 million and spice exports decreased by 28 percent to $15 million.