Economy: Energy Trade between India and Iran- UPSC Daily Important Topic | 1 September 2022

Economy: Energy Trade between India and Iran

✓India-Iran commercial ties have traditionally been dominated by Indian import of Iranian crude oil.

✓India is the second largest buyer of Iranian crude after China and Iran was the third largest supplier of crude to India (April-Sep 2016).

✓The India-Iran bilateral trade during the fiscal year 2015-16 was USD 9.054 billion. India imported USD 6.2 billion worth of goods mainly crude oil and exported commodities worth USD 2.7 billion.

✓Major Indian exports to Iran include rice, tea, iron and steel, organic chemicals, metals, electrical machinery, drugs/pharmaceuticals, etc.

✓Major Indian imports from Iran include petroleum and its products, inorganic/organic chemicals, fertilizers, plastic and articles, edible fruit and nuts, glass and glassware etc.