In the last nine years, Iran's banana import from India increased from a mere Rs 30 mln in FY2014 to Rs 4.07 bln in FY2022. Around 34 percent of bananas exported by India go to Iran. Iran overtook this position from UAE in FY2020. Until FY2020, the UAE was the largest importer of Indian bananas.
When Iran was caught in the middle of a geopolitical crisis and sanctions, India joined forces with the nation to protect their economic interests. This turned out as a real opportunity for Indian banana growers and exporters, as well as apple producers and exporters of Iran.
Today, Iran is the largest importer of Indian bananas. "Multiple factors are at play here. While initially, the geopolitical crisis made Iran look at India, today the quality and the price point India offers have made Iran opt for bananas produced in India," said Pankaj Khandelwal, chairman and managing director of INI Farms.
[ Rs 100 = €1.10 ]
Source: cnbctv18.com