Iran aims to increase trade exchanges with Armenia, targeting USD1.0 billion volume

(MENAFN) Iran aims to significantly increase its trade exchanges with Armenia, targeting a USD1.0 billion trade volume as an initial step, with a long-term goal of reaching USD3 billion, according to an official from Iran’s Trade Promotion Organization (TPO). Akbar Godari, head of TPO’s Central Asia, Caucasus, and Russia Office, shared that the plan is to boost exports to Armenia by 20-30 percent in the next year. Armenia is seen as a crucial gateway for Iran to access the Eurasian market, making it a strategic trading partner for the country.

In the previous Iranian calendar year (ended March 19), Iran exported goods worth over USD412 million to Armenia, while imports from Armenia totaled USD45 million. This demonstrates the growing economic ties between the two countries, with Iran focusing on increasing exports to Armenia across various sectors. Godari highlighted that food products, fruits and vegetables, cement, rebar, chemicals, polymer materials, and bitumen were the primary goods exported to Armenia during this period.

In the first six months of the current Iranian calendar year (March 20–September 21), Iran's exports to Armenia reached USD225 million, marking a 15 percent growth compared to the same period the previous year. This increase reflects the ongoing efforts to strengthen trade relations and capitalize on Armenia’s strategic position as an intermediary for Iranian goods to other regions, including the Eurasian Economic Union.

Armenia itself imports around USD5.0 billion in goods annually and exports USD4.0 billion, with China being its top trading partner, followed by Russia. Iran ranks as Armenia's third-largest trade partner, highlighting the potential for even greater economic collaboration in the future. With this growing partnership, both nations are looking to diversify their trade portfolios and increase their economic influence in the region.

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