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Iran’s trade with 15 neighbors up 16% in five months
Figures released by the Iranian customs office (IRICA) showed that non-oil trade with neighbors had reached a total of $26.857 billion in the five months to August 21, Press TV wrote.
Trade with neighbors rose by 10% in volume terms to reach $43.579 million metric tons over the period, showed the figures.
IRICA said the United Arab Emirates (UAE), the largest re-exporting hub in the Persian Gulf, was Iran’s largest trade partner among neighbors with some $11 billion worth of shipments recorded in the April-August period, followed by Turkey at $6 billion and Iraq at $4.8 billion.
Trade with Pakistan and Russia reached $1.1 billion and $0.969 billion in the five months to late August, it said.
Iran had a trade surplus of $3.941 billion with the 15 neighboring countries in April-August as exports rose 19% compared to the same period last year to reach $13.402 billion.
Iraq, the UAE and Turkey accounted for the bulk of purchases of Iranian commodities and products over the five months to late August, showed the IRICA figures.
Iran has maintained close economic and trade relations with neighboring countries since it came under US sanctions in 2018.
The policy has helped generate more hard currency revenues for Iran amid decreased oil exports and restrictions on the country’s access to the international banking system.
Experts say trade between Iran and Russia will increase significantly once Iran enters a free-trade arrangement with a Russia-led economic bloc in the Eurasia region in the coming months.