Iran’s trade with adjacent nations rises 23 percent in 7 months annually
Date
10/28/2024 8:36:32 AM
(MENAFN) The value of Iran’s non-oil trade with neighboring countries saw a significant increase of 23 percent during the first seven months of the current Iranian calendar year, from March 20 to October 21, compared to the same period in the previous year. Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA), reported that this trade volume reached 64.5 million tons, amounting to USD41.1 billion. In addition to the value increase, there was also a 16 percent rise in the weight of trade with these countries, indicating robust trade activity in the region.
Among Iran's neighboring trade partners, the United Arab Emirates (UAE), Turkey, Iraq, Pakistan, and Russia were identified as the top five. Specifically, during the seven-month period, Iran's trade with the UAE totaled USD16.2 billion, followed by USD9.9 billion with Turkey, USD7.6 billion with Iraq, USD1.6 billion with Pakistan, and USD1.5 billion with Russia. These figures highlight the UAE as the leading trade partner, showcasing the strong economic ties Iran has established with its neighbors.
In terms of exports and imports, Iran exported 51.1 million tons of non-oil goods worth USD20.2 billion to its neighboring countries while importing 13.4 million tons valued at USD20.9 billion during the same timeframe. Rezvanifar specified that Iraq, the UAE, Turkey, Afghanistan, and Pakistan were the primary destinations for Iranian exports among its neighboring countries. Conversely, the major sources for Iran’s imports included the UAE, Turkey, Russia, Oman, and Pakistan.
The Iranian government has been actively pursuing the enhancement of non-oil exports to neighboring countries as a key part of its economic strategy in recent years. With land or water borders shared with 15 countries—namely the UAE, Afghanistan, Armenia, Azerbaijan, Bahrain, Iraq, Kuwait, Kazakhstan, Oman, Pakistan, Qatar, Russia, Turkey, Turkmenistan, and Saudi Arabia—Iran aims to leverage these relationships to bolster its economy and mitigate the impact of international sanctions.
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