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India's exports to Iran, particularly rice, tea, and medicines, are experiencing a significant decline due to the UAE suspending its trade and financial dealings with Tehran and the United States expanding its secondary sanctions on Iran. The volume of bilateral trade has fallen by over 90% since its peak in 2018-2019, making reliance on alternative payment channels essential. Additionally, the halt in transactions is reducing rice exports, which totaled $383 million in the first half of 2026, and poses a threat to the future of tea and medicines. Meanwhile, Iranian oil imports continue partially thanks to previous U.S. licenses, but their expiration could complicate future oil imports.
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