Trade between Iran, Russia hits USD1.9 billion in 9 months
Date
1/15/2025 8:01:34 AM
(MENAFN) Iran’s Customs Administration (IRICA) reported that the volume of non-oil trade between Iran and Russia reached 3.447 million tons, valued at USD1.902 billion, during the first nine months of the current Iranian calendar year (March 20 to December 20, 2024). Iran’s exports to Russia totaled 1.056 million tons, worth USD803 million, reflecting a 14 percent increase compared to the same period last year. Meanwhile, imports from Russia amounted to 1.491 million tons with a total value of USD1.099 billion, showcasing the growing economic interactions between the two nations.
A significant highlight of this trade expansion was Iran’s export of bell peppers to Russia, which became the leading export product during this period. The export volume of bell peppers saw a substantial increase of 175 percent in weight compared to the previous year. On the import side, raw gold emerged as the largest import item from Russia. Iran imported 3,595 kilograms of raw gold, valued at USD281 million, underscoring the importance of high-value goods in the bilateral trade relationship.
In recent years, trade across the Caspian Sea between Iran and Russia has steadily grown, involving a wide range of products such as building materials, timber, fertilizers, and even arms. Hundreds of Iranian companies have established operations in the Russian port city of Astrakhan, located in the northern Caspian Sea region. This growing presence reflects a shared commitment to expanding trade opportunities and fostering closer economic ties.
Additionally, infrastructure projects are being developed to enhance trade routes between the two countries. As part of an intergovernmental agreement signed in May 2023, Russia pledged a loan of 1.3 billion euros to fund the construction of the Rasht-Astara railway. This key segment of the International North-South Transport Corridor (INSTC) aims to create a direct and efficient trade route connecting Russia to India via Iran and Azerbaijan. These efforts highlight the deepening economic partnership between Iran and Russia, as both nations work to strengthen trade ties and diversify away from reliance on Western markets amidst ongoing geopolitical challenges.
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