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Iran reports 74% surge in exports to India in March-December

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran’s exports to India topped $1.34 billion in the nine months to late December.

Iran has reported a major surge in non-oil exports to India in the nine months to December 21 as trade balance rose to a surplus of nearly US$300 million over the period with a steep decline in imports of staples like sugar.

Figures provided by Tehran’s chamber of commerce (TCCIM) published on Monday showed that Iran’s exports to India had risen by 74% in value terms in March-December last year from the similar period in 2020 to reach a total of $1.34 billion.

That comes as shipments to India had risen by 5% in volume terms over the same period to nearly five million metric tons, showed the figures covered in a report by the ILNA news agency.

Iran’s top export items to India in the nine months to late December included methanol at $116 million, ammonia at $99 million and sponge iron at $83 million, said the TCCIM as it added that pistachio exports had generated $72 million in revenues while toluene and urea shipments had reached $72 million and $55 million, respectively.

Imports from India declined over the March-December period both in value and volume terms as shipments dropped 37% year on year to $1.05 billion for 0.935 million tons of goods, down 47% against the similar period in 2020, showed the figures.

Rice remained Iran’s top import item from India as the country purchased $220 million worth of rice shipments from India in the nine months to late December. That was followed by tea at $104 million and aluminum oxide at $101 million, said the TCCIM report.

The report indicated that Iran’s sugar imports from India had fallen considerably in March-December last year to only $30 million.

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