Government sources assess minimal impact of US tariff on Iran partners for India

Exam-focused facts from the 14 January 2026 current affairs briefing.

Key facts

India's trade with Iran stood at USD 1.6 billion, approximately 0.15% of India's total trade.
Iran does not figure in India's top 50 global trading partners.
India's share in Iran's total imports is USD 1.2 billion, accounting for 2.3%.
US President Donald Trump announced a 25% tariff on countries doing business with Iran.
FIEO CEO stated Indian industry and banks deal with Iran only in goods outside US OFAC sanctions.
KRBL exported approximately 250,000 tonnes of basmati rice to Iran when trade was fully open.