By Admin 
US Iran Trade Tariff: America has warned of imposing 25 percent additional tariff on countries doing business with Iran. Due to which there has been a stir in the business world globally. This step may affect countries like Brazil, China as well as India.
This can have a deep impact on the trade relations between India and Iran. Due to America’s tariff decision, India may have to take steps to balance its imports and exports. Let us know, how are the trade relations between the two countries?
75 percent tariff may be imposed on India
Iran has been an important trade partner of India for a long time. But now America has announced to impose 25 percent additional tariff on countries doing business with Iran. Due to which its impact can be seen on India also.
The new tariff is in addition to the 50 percent tariff already imposed by the US. This means that overall there may be a possibility of up to 75 percent trade tariff being implemented for India.
These things are traded between India and Iran
India has been included in the top five trading partner countries of Iran. The major products sent from India to Iran include Basmati rice, tea, sugar, fresh fruits, medicines, cashew nuts, peanuts, pulses and other agricultural and food items.
On the other hand, India imports products like methanol, petroleum bitumen used in road construction, apples, LPG, dry dates and almonds from Iran.
India-Iran trade statistics
Talking about the trade figures between the two countries, the total trade between India and Iran in the financial year 2022-23 has been $2.33 billion. Which shows an increase of about 22 percent compared to a year ago. During this period, India exported $1.66 billion to Iran. Whereas India’s import from Iran stood at $672.12 million.
Meanwhile, between April 2023 and July 2023, the total trade between the two countries was recorded at $660.70 million. In which India’s export was 455.64 million dollars and import was 205.14 million dollars.
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