Iran and India exchanged as much as $2.5 billion worth of goods in 2022, according to figures by India’s Ministry of Commerce and Industry, IRNA news agency reported
Bilateral trade between Iran and India showed a 48% rise in comparison to 2021 when the figure stood at $1.693 billion.
The report suggests that India’s exports to Iran increased 44% YOY to $1.847 in 2022 from $1.284 billion in 2021.
India’s imports from Iran also hit $653 million in 2022, registering a 60% rise from $409 million a year earlier.
Rice was India’s main export item to Iran as it accounts for 59% of the country’s total exports to Iran over the past year.
India’s rice exports to Iran increased from $719 million in 2021 to $1.098 billion in 2022, posting a 52% year-on-year rise.
Tea and sugar were India’s other main export items to Iran following rice with 86 and 79 million dollars of exports respectively.
Oil products also topped the list of Iran’s export items to India over the one-year time span.
Iran’s exports of oil products to India grew to $175 million in 2022, four times bigger than $43 million of 2021.