Iran’s commodity shipments to Russia increase by 12 percent in H1 YoY
Date
10/13/2024 8:37:06 AM
(MENAFN) Iran's non-oil exports to Russia experienced a notable increase in the first half of the current Iranian calendar year (March 20–September 21), rising by 12 percent compared to the same period last year, as reported by the Islamic Republic of Iran Customs Administration (IRICA). During this timeframe, Iran exported approximately 1.3 million tons of goods valued at over USD494 million to Russia, marking a significant uptick in economic activity between the two nations. The increase was also evident in terms of weight, with non-oil exports to Russia rising by 20 percent.
Among the top exported commodities to Russia in this period were bell peppers, polystyrene, and shelled pistachios, which made up 5.9 percent, 5.8 percent, and 4.9 percent of Iran's total export value, respectively. The growing trade relationship reflects Iran's commitment to diversifying its export markets and enhancing economic cooperation with neighboring countries. Additionally, foreign transit through Iran from Russia reached 526,000 tons, an increase of 17 percent, while foreign transit to Russia decreased to 56,000 tons, representing an 18 percent decline.
In the previous Iranian calendar year, which ended on March 20, Iran had exported 2.2 million tons of goods worth USD965 million to Russia, demonstrating a substantial increase of 54 percent in weight and 28 percent in value compared to prior years. The primary Iranian products exported to Russia included fresh or dried pistachios, non-expandable polystyrene, fresh kiwi, synthetic fibers, and various types of polyester, indicating a diverse range of commodities driving bilateral trade.
Iran and Russia have made significant strides in enhancing their mutual trade over recent years, with former President Ebrahim Raisi announcing in January that the two countries had agreed to aim for a trade volume of USD10 billion. Raisi emphasized the importance of removing trade barriers and improving economic exchanges, highlighting that the current level of mutual trade was insufficient. The commitment to achieving this ambitious trade goal underscores the strengthening economic ties between Iran and Russia, positioning both nations to benefit from increased collaboration in various sectors.
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