Trade volume between Iran, OIC members reaches USD26.7B in 5 months
(MENAFN) The trade volume between Iran and the 56 members of the Organization of Islamic Cooperation (OIC) reached USD26.7 billion during the first five months of the current Iranian calendar year (March 20-August 21), marking a 15 percent increase compared to the same period last year. According to the head of the Islamic Republic of Iran Customs Administration (IRICA), the total trade volume between Iran and OIC member countries during this period amounted to 42.3 million tons, reflecting a 10 percent increase from the previous year.
Iran’s exports to OIC member states included 33.6 million tons of non-oil goods valued at USD13.5 billion, while imports totaled 8.7 million tons of commodities worth USD13.2 billion. Mohammad Rezvanifar, the IRICA head, noted that Iran's exports to these countries saw a 16 percent rise in value and an 8 percent increase in volume. Imports from OIC members also grew by 18 percent in value and 15 percent in weight during the same period.
Among Iran's primary trade partners within the OIC were the United Arab Emirates (UAE), Turkey, Iraq, Pakistan, and Oman. These countries accounted for the bulk of the trade exchanges. The deputy economy minister highlighted the steady growth in trade with these nations, reflecting the overall positive trend in economic exchanges between Iran and its OIC partners.
In May 2023, Gholam-Hossein Shafeie, the former head of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), emphasized the need for establishing a joint Islamic market among OIC members within the next decade. Speaking at the "Russia - Islamic World: Kazan Forum 2023," he called for the creation of a common Islamic market through free trade agreements and the removal of trade barriers, which he believes could significantly shape the future of global energy markets.
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