The ministry put the total volume of the trade exchanges between Iran and India in 2023 at $1.836 billion, showing a 26% decline compared to the year before.
The total value of the trade exchanges between the two countries in 2022 exceeded $2.499 billion.
According to the report, India exported $1.187 billion worth of products to Iran from January to December 2023, registering a 35% down compared to 2022.
India had exported $1.847 billion worth of non-oil products to Iran from January to December 2022, the report added.
India imported $649 million worth of products from Iran in 2023, the value of which did not show any significant change compared to a year earlier.
According to the report, India’s rice export to Iran registered a 34% decline in 2023 and reached $723 million.
This is while India had exported $1.98 billion worth of rice to Iran in 2022.
In addition, Iran’s import of tea from India showed a 65% decline in this period.