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Exports to Africa soar 85%, trade balance up 113%: TPO
Announcing the above, Acting Director of the Africa Office Mohammadreza Safari added the country must move towards "exporting high value-added finished products and investing in offshore production within African countries," ISNA reported.
Referring to Iran's trade statistics with African countries during this year's first quarter, Safari elaborated, "Exports to Africa experienced 85% growth during this period compared to the same timeframe last year. Concurrently, alongside this export growth, we witnessed a reduction in imports, resulting in a 113% growth in the trade balance."
According to this official at the TPO, the number of Iran's target export countries on the African continent has increased from 27 to 32 countries.
Analyzing the reasons behind the growth in Iran's foreign trade with African countries, Safari commented, "One reason for the export increase to African countries appears to be the Iran-Africa Economic Cooperation Summit. Operationalizing the resolutions of the Africa Headquarters could accelerate this trend."
Concluding his remarks, the acting director of the Africa office proposed, "Given recent developments – including rising energy and transportation costs, reduced financial support, and new US tariffs on these countries' exports – Iran's trade strategy with Africa should shift towards exporting high value-added finished products and investing in offshore production in African countries. This is a strategy that countries like China have pursued in Africa for years."