Iran-BRICS trade in March–August tops $25b
Iran traded nearly 37 million tons of goods worth $25.1 billion with BRICS member states during the first five months of the current Iranian year (March 21 to August 22), which accounted for 57.7% of Iran’s total foreign trade at the time.
The country traded over 70.3 million tons of non-oil products worth $43.5 billion with other states during the five-month period, according to IRNA.
In addition, $109 million was exchanged between Iran and 10 current and newly joined members of BRICS.
During the five months, China ($5.6 billion), the UAE ($2.3 billion), India ($845 million), Russia ($361 million), and South Africa ($51.5 million) were the main importers of Iran’s non-oil products.
Brazil ($1.2 million), Egypt ($644,000), Ethiopia ($143,000), Saudi Arabia ($90,000), and Argentina ($41,300) were the sixth to tenth destinations of Iranian goods among BRICS members.
Iran, Egypt, the UAE, Ethiopia, Argentina, and Saudi Arabia will officially join the BRICS group (currently comprised of Brazil, Russia, India, China, and South Africa) at the beginning of 2024.
Following the joining of the said six states, it is predicted that the activation of the International North-South Transit Corridor (INSTC) will be accelerated along with the de-dollarization process, the expansion of transportation, the development of new businesses among member countries, and the establishment of a joint currency among the eleven members.