Iran’s trade with Islamic world grew 25% in 2022: OIC
The Organization of Islamic Countries (OIC) announced a 25 percent growth in trade between Iran and other Muslim countries in 2022, introducing Iran as the 12th largest trader in the Islamic world.
In its latest report on the trade situation in the Islamic world, the organization put the growth in the value of the trade exchanges between Iran and other Muslim countries in 2022 at 25 percent, reported Tasnim News Agency.
The report put the total value of the trade exchanges among member states of the organization in 2021 at over $735 billion.
According to the estimates, the value of trade exchanges among 57 member states of the organization increased to $873 billion in 2022.
The total value of Iran’s trade exchanges with Islamic countries in 2022 topped $15.54 billion, showing a 25 percent growth compared to a year earlier, which stood at over $12.46 billion.
According to this report, Iran’s trade exchanges with Islamic countries have increased by 45% in the administration of President Ebrahim Raisi, growing from $10 billion in 2020 to more than $15 billion in 2022.
The report also showed that Iran’s exports to Islamic countries registered an 18 percent hike in 2022 compared to the year before.
Iran imported more than $7 billion worth of products from the countries of the Islamic world in 2022, showing a 32 percent growth compared to a year earlier, the report added.
The value of trade in non-oil goods between Iran and 15 neighboring states during the first 10 months of the current Iranian year (started on March 21, 2023) has reached $50 billion, announced an official last week.
The value of trade exchanges between Iran and 15 neighboring states registered a 1.8 percent growth from March 21, 2023 to January 22, 2024, Rouhollah Latifi, said the spokesman for the trade promotion commission of Iran’s House of Industry, Mine and Trade, according to IRNA.
He noted that more than 79 million tons of goods, valued at over $49 billion, were exchanged between Iran and 15 neighboring states in the 10-month period.
In this timespan, Iran exported more than 60 million tons of goods, valued at over $23 billion, to the neighboring states, Latifi added.
In return, Iran has imported more than 19 million tons of products, valued at over $26 billion, between March 21, 2023 and January 22, 2024, showing a 53.4 and 57.2 percent growth in weight and value, respectively, compared to the same period last year. Five countries, namely Iraq, the United Arab Emirates (UAE), Turkey, Pakistan and Afghanistan were Iran’s top five export target markets among neighboring states, he
said.
Latifi stated that Iran has imported $17 billion, $6 billion, $1.5 billion, $778 million, and $527 million worth of products from the UAE, Turkey, Russia, Oman and Pakistan, respectively.