Non-oil trade with neighbors hits $41b in seven months: IRICA
Trade with OIC countries sees significant growth
In the first seven months of the current Iranian year, the country’s non-oil trade with neighboring countries reached 64.5 million tons, valued at $41 billion, marking a 16% growth, as announced by the head of Islamic Republic of Iran Customs Administration (IRICA).
Mohammad Rezvanifar, the deputy minister of Economy, also stated that, according to Iran’s customs data, the country’s exports to member states of the Organization of Islamic Cooperation (OIC) exceeded $20 billion in the same period, which began on March 20, ISNA reported.
He noted that the highest value of trade exchanges with neighboring countries was with the United Arab Emirates, Turkey, Iraq, Pakistan, and the Russian Federation. Specifically, in the first seven months of the current year, the value of trade exchanges with these countries was as follows: $16.2 billion with the UAE, $9.9 billion with Turkey, $7.6 billion with Iraq, $1.6 billion with Pakistan, and $1.5 billion with Russia.
$20b in exports, $13b in imports
Regarding the volume and value of exports and imports with neighboring countries, Rezvanifar said that, out of the total non-oil trade with neighboring countries in the first seven months of the current year, 51.1 million tons, valued at $20.2 billion, accounted for exports to these countries, while 13.4 million tons, valued at $20.9 billion, constituted imports from these countries.
The head of Iran’s Customs Administration pointed out that Iraq, the UAE, Turkey, Afghanistan, and Pakistan were the top five destinations for Iran’s exports to neighboring countries.
He pointed to the top five countries of origin for imports to Iran during the first seven months of the current year, which were the UAE, Turkey, Russia, Oman, and Pakistan.
Trade with OIC
According to the Iranian Customs Administration, in the first seven months of the current year, Iran’s exports to member states of the Organization of Islamic Cooperation (OIC) also reached 50.6 million tons, valued at $20.364 billion, marking a 15% increase in terms of weight and a 22% increase in terms of value compared to the same period last year.
Meanwhile, Iran’s imports from OIC member states in the first seven months of the current year stood at 12.4 million tons, valued at $20.356 billion, showing a 14% increase in terms of weight and a 21% increase in terms of value compared to the same period last year.
As a result, the total trade exchanges between Iran and these countries in the first seven months of the current year reached 63 million tons and $40.7 billion.
The OIC is an international organization with 57 member states, founded in September 1969 in Morocco.
10% growth in exports to West Asia
Meanwhile, the Director General of the West Asia Office at the Iran Trade Development Organization announced a 10% increase in exports to West Asian countries in the first half of the current year.
According to a report by IRNA, Abdulamir Rabihavi said on Sunday that Iran’s exports to West Asian countries in the first six months of the current year reached $12 billion, adding that the country’s exports in this period experienced a 10% growth in terms of value compared to the same period last year.
He noted that among West Asian countries, Jordan saw the highest growth, with exports increasing from $2 million to over $13 million.
Rabihavi further explained that following Jordan, the countries with the highest growth in Iranian exports were Lebanon (from $9 million to $18 million), Bahrain (from $4 million to $6 million), Kuwait (from $87 million to $114 million), Oman (from $638 million to $782 million), Iraq (from $4.554 billion to $5.196 billion), the UAE (from $3.028 billion to $3.399 billion), and Qatar (from $58 million to $64 million), with these countries experiencing 89%, 46%, 31%, 23%, 14%, 12%, and 12% growth in exports, respectively.