How much trade between india and Iran?

In the last few years, trade between india and iran has reduced significantly. In 2018-19, the trade between the two countries was 17 billion dollars, which decreased to 4.77 billion dollars in 2019-20 and 2.11 billion dollars in the next year 2020-21. However, it increased slightly to $2.33 billion in 2022-23. That year iran was still India's 59th largest trading partner.

In 2022-23, india sold goods worth $1.66 billion to iran, while bought goods worth only $0.67 billion from iran, which means india got a lot of profit. So far (April to january 2024), this year's trade has reached only 1.52 billion dollars. Overall, Iran's share in India's entire trade is very low, only 0.20 percent. india mainly sent food items like meat, milk, ghee, onion, garlic, and canned vegetables to Iran. india imported methanol, oil products, gas, apples, dates, and almonds from Iran.

Will the price of petrol and diesel increase?

India is the third largest oil importer in the world. We are dependent on foreign countries for about 85 percent of our consumption. However, the Israel-Iran dispute has not yet had any significant impact on global oil prices.

Finance minister Nirmala Sitharaman said in an interview with CNBC Awaaz, that the central government is fully prepared to reduce any impact on the indian economy due to the tension between iran and Israel. As the situation continues to change, decisions will be taken keeping in mind the interests of India. Due to increasing tension in the Middle East, the import of crude oil may become expensive for india, due to which India's import bill may increase. However, there has not been a huge rise in the prices of crude oil yet. After the sanctions imposed by Western countries, india started importing oil from Russia.

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