Iran-India trade turnover down

Business Materials 18 January 2020 16:06 (UTC +04:00)
Iran-India trade turnover down

BAKU, Azerbaijan, Jan. 18

By Elnur Baghishov - Trend:

The trade turnover between Iran and India has declined following the recent incidents in the region, deputy chairman of the Iran-India Joint Chamber of Commerce Parham Rzai said.

“The trade turnover of oil and non-oil products between Iran and India has reached $12-15 billion a year,” Rzai added, Trend reports to ILNA.

Rzai added that $10-12 billion of that amount accounts for the oil sector while the rest -for the non-oil sector.

"Iran imports rice, tea, medicines and equipment from India," the deputy chairman said.

The establishment of a joint bank in India may solve many problems in trade sector and currency transfer.

The US sanctions against Iran in November 2018 caused a number of problems in Iran's foreign trade.

Iran exported the products worth $27.4 billion to China, Iraq, UAE, Turkey and Afghanistan while imported the products worth $28.3 billion from China, UAE, Turkey, India and Germany during eight months of this Iranian year (from March 21 through November 21, 2019).