Iran, Russia increase trade with national currency
Date
10/23/2024 6:00:37 AM
(MENAFN) Iran and Russia have increasingly been conducting their mutual payments in national currencies, with over 96 percent of transactions now using this method, according to the Kremlin's press service. This announcement comes just ahead of a meeting between the presidents of the two countries, set to take place during the BRICS Summit in Kazan. The Kremlin highlighted the commitment of both nations to enhancing their trade and economic relationships, reporting that despite a slight decline, mutual trade in 2023 has surpassed USD4 billion, marking a 12.4 percent increase from January to August.
The two countries are also engaged in several large-scale projects focused on transport and energy sectors, with the development of the North-South international transport corridor being one of the key initiatives. The Kremlin's press service emphasized that the relationship between Russia and Iran is on an upward trajectory, indicating a strengthening of ties between the two nations.
In terms of specific trade metrics, the Islamic Republic of Iran Customs Administration (IRICA) reported a 12 percent increase in Iran's non-oil exports to Russia during the first half of the current Iranian calendar year (March 20 to September 21) compared to the same period last year. Iran exported approximately 1.3 million tons of goods worth over USD494 million to Russia during this time. Additionally, the weight of non-oil exports to Russia increased by 20 percent, further showcasing the growing trade relationship.
During the first half of the current Iranian year, foreign transit through Iran from Russia reached 526,000 tons, reflecting a growth of 17 percent, while foreign transit to Russia amounted to 56,000 tons, which represented an 18 percent decrease. In the previous Iranian calendar year, Iran exported 2.2 million tons of goods worth USD965 million to Russia, marking a significant 54 percent increase in weight and a 28 percent rise in value. The primary Iranian exports included fresh and dried pistachios, polystyrene, fresh kiwi, and synthetic fibers. In late January, former President Ebrahim Raisi announced that Iran and Russia had set a goal to elevate their trade volume to USD10 billion, reflecting their serious commitment to enhancing mutual trade relations in recent years.
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