The ministry put the total value of trade exchanges of India with Iran from January to June 2023 at $993 million.
Iran and India's exchanges of trade in this timespan witnessed a 27 percent decline compared to the same period of last year.
India’s export of products to Iran from January to June 2023 reached $641 million, showing a 38 percent drop compared to last year’s corresponding period.
India had exported $1.38 billion worth of products to Iran from January to June 2022.
Meanwhile, Iran exported $352 million worth of products to India from January to June 2023, showing a five percent growth compared to the same period of last year.
Oil products have been cited as Iran’s major product exported to India in this period in a way that India imported $139 million worth of oil products from the Islamic Republic of Iran, followed by raw materials needed for paint production and fresh fruits and vegetables respectively.