India exports non-oil products worth $291m to Iran in 2 months

June 20, 2025 - 12:51

TEHRAN- India exported non-oil products worth $291 million to Iran during the first two months of the current Iranian calendar year (March 21-May 21), the head of the Islamic Republic of Iran (IRICA) announced.

Foroud Asgari said that India was Iran’s fifth source of non-oil imports during the two-month period.

According to the official, the country’s non-oil imports reached 5.9 million tons worth $8.47 billion in the two-month period. While the import volume rose by 1.16 percent, the value dropped by 7.8 percent year-on-year.

The average value of imported goods stood at $1,431 per ton, down nine percent from the previous year.

Top imports included unrefined gold ($860 million), corn feed ($657 million), rice ($289 million), sunflower seed oil ($215 million), and soybeans ($211 million).

Iran’s main import partners were the UAE ($2.6 billion), China ($2.2 billion), Turkey ($1.37 billion), Germany ($308 million), India ($291 million), the Netherlands ($215 million), and Switzerland ($190 million).

Asgari, who also serves as deputy economy minister, further announced that Iran exported 24.6 million tons of non-oil goods worth $8.24 billion in the first two months of the current Iranian calendar year.

He said the volume of non-oil exports rose by 4.4 percent year-on-year, although the total value saw a marginal decline of 0.11 percent. The average customs value of each exported ton fell by 4.3 percent to $335.

China remained Iran’s top export destination, receiving $2.43 billion worth of goods, followed by Iraq ($1.5 billion), the United Arab Emirates ($1.09 billion), Turkey ($673 million), Afghanistan ($374 million), Pakistan ($322 million), and Oman ($305 million).

Asgari said that among the major non-oil exports in the mentioned two-month period were liquefied propane ($643 million), natural gas ($455 million), liquefied butane ($452 million), petroleum bitumen ($419 million), and methanol ($388 million).

Petrochemical products accounted for 5.7 million tons valued at $2.22 billion, reflecting a four percent increase in volume and a three percent rise in value compared to the same period last year, he added. India exports non-oil products worth $291m to Iran in 2 months

Foroud Asgari said that India was Iran’s fifth source of non-oil imports during the two-month period.

The average value of imported goods stood at $1,431 per ton, down nine percent from the previous year.

Top imports included unrefined gold ($860 million), corn feed ($657 million), rice ($289 million), sunflower seed oil ($215 million), and soybeans ($211 million).

At a conference on commercial opportunities between Iran and India, held on the sidelines of Iran Expo 2025, in early May, officials and business representatives from both countries emphasized the need to diversify trade and familiarize Iranian businesses with international trade models.

According to Iran’s Trade Promotion Organization (TPO), the “Iran–India Trade Opportunities and Capacities Conference” brought together Hossein Bamiri, Iran’s commercial attaché in India; Khalid Khan, a member of the Iran Trade Center in Mumbai; and several trade delegations from both nations.

Bamiri said Iran’s exports to India over the past decade have largely been limited to a narrow range of products including dates, pistachios, almonds, and petrochemicals, with little diversification in the export basket.

Highlighting the mismatch between the two countries’ trade potential and current volumes, Bamiri urged Iranian businesses to pursue not just goods exports but also services. “This requires a stronger Iranian presence in international trade fairs,” he added.

He also stressed that Iranian traders and manufacturers must align their corporate structures with global standards and gain a deeper understanding of international trade models. “Proper marketing and consistent participation in international events are key,” Bamiri said.

Khalid Khan said efforts are underway to usher in a new phase of commercial relations between India and Iran. “We aim to showcase the capabilities of both nations on a broader scale,” he said, adding that India-Iran trade could flourish further if Chabahar Port became more accessible to Indian traders. “Such progress depends on sound policies and timely cooperation,” he noted.

Also speaking at the event, Masoud Ebrahim Shah, a former advisor to the Malaysian prime minister, called India’s export potential “unparalleled” and described trade exhibitions as a strategic platform for future commercial development.

Meanwhile, Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Mahmoud Najafi Arab met with Indian Ambassador Rudra Gaurav Shresth to explore avenues for expanding economic ties between Iran and India, with both sides emphasizing the need to prioritize the exchange of non-sanctioned goods.

The meeting, held at the Tehran Chamber of Commerce, also included the TCCIMA Secretary General and the head of the South Gujarat Chamber of Commerce, who accompanied the Indian ambassador. Discussions focused on enhancing provincial-level economic cooperation led by business chambers.

According to a statement from the TCCIMA, Najafi Arab said that the longstanding historical and economic ties between the two countries provide a strong foundation for deeper cooperation, especially if international sanctions on Iran are fully lifted.

He called for swift finalization of a preferential trade agreement between the two countries and emphasized the importance of tariff reduction. Najafi Arab also highlighted joint opportunities in food security, organic production, smart agriculture, biotechnology, blockchain, and fintech.

He further proposed forming a joint consortium between Iranian and Indian private sectors for maritime and transit corridor projects, including trilateral cooperation with Russia to develop the International North–South Transit Corridor (INSTC). Participation in trade and industrial expos in both countries was also encouraged.

Fereydoun Vardinejad, Secretary General of the Tehran Chamber, reiterated the importance of subnational economic cooperation and expressed readiness to collaborate with Indian provincial chambers. He proposed holding virtual meetings to identify mutual business opportunities and suggested establishing a "green channel" between the chamber and the Indian embassy to expedite visas for businesspeople.

Ambassador Shrestha noted that U.S. sanctions on Iran have also had negative repercussions for the Indian economy. He explained that while the Indian government cannot mandate private sector activity, its investment in Iran’s Chabahar Port was a clear signal encouraging Indian firms to engage with the Iranian market.

He acknowledged the limited scope of current bilateral trade, which has hovered around $5.0 billion in recent years, and said that with a broader focus on sanction-free goods, trade could double to $10 billion within the next three to four years.

The ambassador said India remains a key market for agricultural and food products, and proposed converting the preferential trade agreement into a free trade pact covering food, agriculture, and pharmaceuticals—sectors not targeted by international sanctions.

Also speaking at the meeting, the president of the South Gujarat Chamber outlined the region’s main industries, including textiles, diamond polishing, agricultural products, and handicrafts. He proposed signing a cooperation agreement with the Tehran Chamber and invited an Iranian trade delegation to an investment and tourism expo scheduled for August in South Gujarat.