NEW DELHI, Jan. 8 (Xinhua) -- The prevailing tensions between the United States and Iran will have implications on India's exports to the Persian Gulf nation, Federation of Indian Export Organizations (FIEO) President Sharad Kumar Saraf said in a statement issued on Wednesday.
Iran is one of the key trading partners of India.
"So far exporters had not flagged any concerns related with exports to Iran, however, if the tensions escalate, it may have an effect on India's exports to Iran," said the FIEO chief.
FIEO is India's apex body of the export promotion councils, commodity boards and export development authorities in India. Set up in 1965, it provides the crucial interface between international trading community of India and the central and state governments, financial institutions, ports, railways, surface transport and all engaged in export trade facilitation.
It serves the interests of over 100,000 exporters from various goods and services sectors in the country. FIEO's members contribute more than 70 percent of India's exports.
The export body's chief also said that due to existing trade sanctions on Iran, Iranian shipping lines were 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 from India, said Saraf.
In 2018-19 India's exports to Iran stood at 3.51 billion U.S. dollars, while imports were 13.52 billion U.S. dollars. The trade imbalance is mainly because of India's import of oil from Iran.
Iran holds huge export opportunities in sectors such as agriculture, chemicals, machinery, pharmaceuticals, paper and paper products, man-made fiber and filament yarn and essential oils.
