TPO: Trade with Russia nears $1b as industrial exports surge
The head of Iran’s Trade Promotion Organization (TPO) announced on Wednesday that the country’s trade with Russia is on a sharp upward trajectory, with exports approaching the $1 billion mark.
“There is significant potential for export growth to Russia,” Mohammad Ali Dehqan Dehnavi said in an interview with ILNA, noting that, “Iran’s exports to Russia are nearing one billion dollars.”
He added that during the first five months of the current Iranian year (began on March 21), trade between the two countries grew by more than 30%.
Industrial goods lead export expansion
The deputy industry minister said Iran’s exports to Russia had expanded beyond agricultural and food products, which once dominated bilateral trade.
“Fortunately, our trade has developed into industrial sectors as well,” he said. “Soon, nearly half of our trade with Russia will consist of industrial and manufactured goods.”
Iran currently exports steel, containers, auto parts, pipes, and profiles to Russia, he added, describing these as areas showing “strong performance” in recent months.
Untapped opportunities in Russian market
According to Dehnavi, Russia imports about $300 billion worth of goods annually, providing vast potential for Iranian exporters.
“A large portion of those imports could be supplied by our country,” he said. He cited the fisheries and aquaculture sector, as well as industrial goods, as areas where exports to Russia have grown in recent years.
He also highlighted the geopolitical and economic importance of Iran’s northern neighbor. “All our neighboring countries enjoy high geopolitical security, and Russia — as a global economic and military power with which we have developed good relations — offers a very promising area for expanding our exports,” he said.
Energy cooperation
The two countries also maintain close cooperation in the energy sector, with ongoing discussions on projects such as importing Russian gas to Iran and expanding joint ventures in oil and gas development.
A delegation from Iran’s Oil Ministry is currently in Moscow to attend Russian Energy Week, held from October 15 to 17, which brings together around 5,000 representatives from 85 countries, ISNA reported.
During the visit, Deputy Oil Minister Omid Shakeri met with Iran’s Ambassador to Russia Kazem Jalali to review Tehran-Moscow energy cooperation, including potential plans for the transfer of Russian gas to Iran. The delegation will also take part in several expert panels on oil and gas and hold meetings with Russian energy officials.