TEHRAN, Feb. 25 (MNA) – The trade exchanges between the Islamic Republic of Iran and India have hit $ 2.5 billion in 2022, an Indian source reported.

India's imports of Iranian oil products surged fourfold in 2022, the Ministry of Commerce and Industry of India reported.

Iran-India trade exchanges have seen a 48 percent hike compared to the corresponding period the year before, the source added.

The total trade between the two countries hit around $1.69 billion in 2021, it further noted.

India's exports to Iran grew by 44 percent between January and December 2022, reaching $1.84 billion, according to the Indian source. 

India exported $1.28 billion worth of goods to Iran in 2021, the source reported. 

It also reported that India's imports from Iran also increased by 60 percent in 2022, hitting $653 million.