Iran-India trade balance to hit $16bln despite sanctions
2013-05-21 10:48:38
Iran and India are set to increase the volume of their trade balance to $16 billion despite the US-led western sanctions against Tehran, media reports said.
The value of India's imports from Iran stood at $11bln during the last financial year (ended March 31), but the value of its exports to the Islamic Republic hit $2.95bln, The Wall Street Journal reported.
"India aims to raise the value of its exports to Iran to around $5bln in the current financial year (started April 1)," the newspaper quoted Director-General of the Federation of Indian Export Organization Ajai Sahai as saying.
Sahai noted that India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass Western sanctions.
India is one of the largest buyers of Iran's crude oil and so far 85%-90% of India's exports to Iran have been agricultural products such as basmati rice and soymeal, the Journal wrote.
But now, India plans to also export products such as textiles, pharmaceuticals, medical-diagnostic equipment, auto components and consumer goods, it added.
"We are looking at diversification of our exports," Sahai said.