(MENAFN) According to the head of the Islamic Republic of Iran Customs Administration (IRICA), Iran exported commodities valued at USD5.2 billion to the United Arab Emirates (UAE) during the first ten months of the current Iranian calendar year (March 21, 2023 - January 20, 2024). Mohammad Rezvani-Far highlighted that the UAE emerged as the third top export destination for Iranian goods during this ten-month period.
Rezvani-Far also disclosed that, with exports worth USD17.1 billion to Iran, the UAE stood as Iran’s primary source of imports in the first ten months of the current year.
On September 10, 2023, the Financial Times reported a significant increase in trade between Iran and the United Arab Emirates, as Abu Dhabi relaxed restrictions on business activities between the two nations. The UAE had eased certain limitations on corporate registrations and visa issuance to Iranian companies in recent months, according to the Financial Times, citing inputs from business individuals and officials. Iranian financiers were also exploring avenues to enhance bilateral trade by establishing financial mechanisms to support legitimate transactions, as mentioned in the report.
The UAE holds the position of Iran’s second-largest trade partner. Trade between Iran and the UAE rebounded from an USD11 billion slump during the pandemic in 2020/2021 to USD24 billion in the 12 months leading up to March, based on Iranian data. This surpasses the USD22 billion recorded in 2012 before U.S.-led sanctions were imposed on the Iranian economy. Iranian officials have expressed aspirations to further boost bilateral trade to approximately USD30 billion in the next two years.
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