Escalation of tension between the US and Iran will have implications on India”s exports to the Persian Gulf nation, said FIEO President Mr Sharad Kumar Saraf. ” If the tensions esclates, it may have an effect on India’s exports to Iran,” Saraf said in a formal release.
FIEO Chief also said that due to existing trade sanctions on Iran, Iranian shipping lines are only taking Indian consignments to that country. Iran’s major exports to India are oil, fertilisers and chemicals, while it imports cereals, tea, coffee, basmati rice, spices and organic chemicals, among others said Saraf.
FIEO President also added that India”s exports to Iran during 2018-19 were USD 3.51 billion, while imports were USD 13.52 billion. The trade imbalance is mainly because of India”s import of oil from Iran. Sharad Kumar Saraf is also of the view that Iran holds huge export opportunities in sectors such as agriculture, chemicals, machinery, pharmaceuticals, paper and paper products, man-made fibre and filament yarn and essential oils.