Non-oil exports from Iran to adjacent nations increase 12 percent in 6 months
Date
9/25/2024 9:47:04 AM
(MENAFN) Iran’s non-oil exports to its 15 neighboring countries saw a significant rise of 12 percent during the first half of the current Iranian calendar year (March 20-September 21), compared to the same period last year, according to Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA). During this period, Iran exported 39 million tons of non-oil products, valued at USD15.6 billion, marking a four percent increase in weight. This growth in both value and volume reflects the country’s expanding trade relationships within the region, as well as its focus on strengthening non-oil exports as part of its broader economic strategy.
In total, Iran's non-oil trade with its neighboring countries reached 50 million tons, valued at USD32.6 billion, over the six-month period. Rezvanifar noted that trade between Iran and its neighbors increased by five percent in terms of weight and 15 percent in value compared to the same period last year. The upward trend in both exports and imports underlines the growing importance of Iran’s trade partnerships with its regional neighbors, as the country continues to enhance its economic ties amidst evolving global market conditions.
The country’s imports from its neighbors during the same six-month period also saw growth, with an eight percent increase in weight and an 18 percent rise in value. Among Iran’s key trade partners were the United Arab Emirates, Turkey, Iraq, Pakistan, and the Russian Federation. These countries play a pivotal role in Iran’s non-oil trade, and their economic exchanges with the Islamic Republic have contributed to the overall growth in regional commerce. The increasing trade volumes reflect Iran's efforts to diversify its economic engagements and maintain robust trade ties with its immediate neighbors.
In the first five months of the current year (March 20-August 21), the value of Iran's non-oil trade with its neighboring countries reached USD26.857 billion, marking a 16 percent increase compared to the same period last year. During this period, Iran exported 34.118 million tons of goods valued at USD13.402 billion, while importing 9.461 million tons of commodities worth USD13.455 billion. Exports to neighboring countries saw an 11 percent increase in weight and a 19 percent increase in value, while imports rose by 10 percent in weight and 13 percent in value. Iran shares borders with 15 countries, including major trade partners such as the UAE, Iraq, Turkey, and Russia, further solidifying its regional trade network.
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