Trade between Iran, Egypt reaches USD17.18M in 8 months
Date
12/23/2024 2:06:27 AM
(MENAFN) Trade between Iran and Egypt reached USD17.18 million during the first eight months of the current Iranian calendar year (March 20–November 20), marking a 67 percent increase compared to the same period last year, according to Ruhollah Latifi, spokesperson for the International Relations and Trade Development Commission of Iran's House of Industry, Mine, and Trade. The growth coincided with Iranian President Masoud Pezeshkian's visit to Cairo for the D-8 summit, highlighting improving bilateral ties.
Latifi noted that Iran-Egypt trade has historically been influenced by political relations, but recent developments, including strengthened diplomatic ties and the countries' joint membership in BRICS, have contributed to a rise in direct trade. A total of 35,883 tons of goods worth USD17.18 million were exchanged between the two nations during the period, reflecting a 65 percent increase in weight and a 67 percent rise in value compared to the previous year.
Iran's exports to Egypt amounted to 28,116 tons valued at USD13.8 million, showcasing a 30 percent increase in weight and a 41 percent rise in value year-on-year. Steel and iron products dominated Iran's exports, accounting for 96 percent of the total, with 27,206 tons worth USD13.27 million. Other notable exports included laboratory kits, pistachios, clutch parts, marble and travertine stones, sodium hydroxide, tomato paste, tractors, bakery machinery, and agricultural equipment.
Meanwhile, Iran's imports from Egypt totaled 7,767 tons worth USD3.39 million, a staggering 592 percent increase in value compared to last year. Manganese stone comprised 97.5 percent of the total weight and 43.2 percent of the total value, with 7,580 tons worth USD1.46 million imported. Other key imports included disconnectors, lathes, razor blades, electronic components, potassium sulfate, flow meters, and glass components for lamps and projectors.
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