The Ministry of Trade and Industry put the country’s trade value with Iran at US$510 million in the first three months of 2023.
During that period, India’s import of non-oil products from Iran saw a 12 percent growth, the ministry added.
Trade exchanges between Iran and India, meanwhile, fell 24 percent compared to the same period last year.
The total value of trade exchanges between Iran and India had exceeded US$678 million in the first three months of 2022.
India’s slump in exports to Iran was cited as the main reason for the reduced value of trade exchanges between the two sides in January-March 2023.
During that period, India exported $322 million worth of goods to Iran, down 37 percent year-on-year.
India had exported $510 million worth of products to Iran from January to March 2022.
Meanwhile, India imported $188 million worth of non-oil goods from Iran in the first three months of this year, up 12 percent year-on-year.
From January to March 2023, oil products accounted for most of Iran’s exports to India. India imported US$65 million worth of oil products from Iran during this period.