The ministry put the value of trade exchanges between the two countries at $1.324 billion, showing a 33 percent down compared to the same period last year.
Iran and India trade exchanges exceeded $1.983 billion from January to September 2022, the report added.
India exported $859 million worth of products to Iran from January to September 2023, registering a 43 percent decline compared to the same period last year.
India had exported $1.510 billion worth of products to Iran from January to September 2022.
According to the ministry, India imported $465 million worth of products from Iran between January and September 2023.
This Asian country had imported $473 million worth of products from Iran from January to September 2022.
Oil products were the major products imported by India from Iran in this period reaching $179 million.