Iran’s exports of commodities to UAE reach USD4.7B in 9 months
(MENAFN) During the first nine months of the current Iranian calendar year (March 21-December 21, 2023), Iran exported commodities valued at USD 4.7 billion to the United Arab Emirates (UAE), as reported by Mohammad Rezvani-Far, the head of the Islamic Republic of Iran Customs Administration (IRICA).
Highlighting the significance of this trade relationship, he noted that the UAE secured the position of the third top export destination for Iranian goods during this period.
Rezvani-Far further revealed that the UAE, exporting goods worth USD 15 billion to Iran, emerged as Iran's primary source of imports in the first nine months of the year. This underscores the robust economic ties between the two nations.
The increase in trade between Iran and the UAE has been notable, with the Financial Times reporting a significant uptick as Abu Dhabi eased restrictions on business activity between the two neighboring countries. The UAE's relaxation of limitations on corporate registrations and visa issuance to Iranian companies has played a role in fostering this growth, according to the report. Additionally, Iranian financiers are exploring avenues to enhance bilateral trade by establishing financial mechanisms that support legitimate transactions.
The UAE holds a prominent position as Iran's second-largest trade partner, and trade between the two nations has rebounded from a pandemic-induced slump of USD 11 billion in 2020/2021 to USD 24 billion in the 12 months ending in March, according to Iranian data. This underscores the resilience and vitality of economic collaborations between Iran and the UAE.
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