25% US tariffs on Tehran’s trading partners: Iran on 63rd spot, below nations like Togo, Ghana in trade with India

While India is among the top trading partners of Iran, Iran itself is not a significant trading partner of India. In 2024-25, Indian exports to Iran amounted to $1.24 billion, and imports amounted to $440 million, resulting in a total bilateral trade of $1.68 billion, according to Ministry of Commerce and Industry data.

This puts Iran on the 63rd spot in India’s long list of trading partners. 

To put this in perspective, Iran ranks behind major and mid-economies such as Germany, Japan, Australia, France, Italy, Mexico, Spain, Vietnam, Qatar, Nepal, Ireland, and even smaller economies such as Tanzania, Angola, Togo, Mozambique, Senegal, Ghana. 

Meanwhile India is within the top five trading partners for Iran, apart from China, Turkey, the UAE, Pakistan and Armenia. New Delhi exports basmati rice, tea, sugar, fresh fruits and drugs and pharmaceuticals, and imports apples, pistachios, dates and kiwi, as per the Embassy of India in Tehran.

When it comes to India, the US tops the list with overall trade of over $132 billion, followed by China with over $127 billion, UAE with over $100 billion, Russia with over $68 billion, and Saudi Arabia with over $41 billion. 

Despite India’s limited trade with Iran, US President Donald Trump’s diktat of additional 25 per cent on countries that are in business with Iran, may have repercussions for India, which has already been tariffed 50 per cent by Washington. Moreover US Senator Lindsey Graham said that Trump has greenlit a bill to penalise countries that are still buying Russian oil despite sanctions – this includes India too. 

It is unclear what and if there would be repercussions of these possible tariffs on India-US trade talks. US’ new ambassador to India, Sergio Gor, is on a mission to rebuild strained ties between Washington and New Delhi. He asserted that both sides are actively engaged to finish the deal. 

Meanwhile, US Commerce Secretary Howard Lutnick, in a recent interview with Chamath Palihapitiya, said the trade deal was held off because Trump expected Prime Minister Narendra Modi to call him, but was disappointed. "The whole deal was set up. But let's be clear, it's his (Trump’s) deal. He is the closer. He does the deal. You just had to have Modi call the President. They were uncomfortable doing it. Modi didn't call. We did trade deals with Indonesia, the Philippines, and Vietnam. We assumed a trade deal with India before them," he said. Lutnick said when India eventually got back to discuss the terms, he responded that the US won't agree to those same terms anymore.