Iran’s Exports to UAE Up 16% Growth
IRAN NEWS ECONOMIC DESK
TEHRAN – The chairman of Iran-UAE Joint Chamber of Commerce Farshid Farzanegan says “Iran’s exports to the United Arab Emirates increased by 16% in the first four months of the year.
Speaking to ILNA news agency, the Iranian official added that despite economic problems and the spread of the coronavirus, the UAE was the only country to which Iran’s exports increased.
“Iran’s exports to the UAE were $ 4.5 billion and our imports from this country were $ 8.9 billion, in other words, the volume of trade between the two countries is $ 13.4 billion.”
Referring to the recent agreement between Israel and UAE, he confirmed “Economic relations must be separate from political issues; due to sanctions, we do not have many options for trade exchanges, and Turkey and the UAE are two countries where Iranian traders have maintained their activities.”
Statistics indicated that export of products from Islamic Republic of Iran to the United Arab Emirates from March 21 to June 22, 2020 increased about 40% in terms of volume as compared to the same period of last year and hit from about 2.4 million tons to 3.4 million tons.
Farzanegan noted that exports of Iran’s agro products to the UAE is very important and many powerful traders are active in this field whose trade relations with the UAE dates back to over 40 years and they have kept their businesses alive despite ups and downs in political relations of both states.
He then pointed to the major imported or exported goods between both countries, saying that till last year, petrochemical materials, mineral materials, industrial products, industrial machineries and agro products have been the major export items of Iran to the UAE and graphite electrodes have been the major UAE’s exports to Iran as import of this commodity from other countries except the UAE is impossible for Iran.
Farzanegan also pointed to the performance of the forex shops in the UAE, reiterating that there is currently no problem regarding the forex shops in the UAE and the money transactions in this country is done much faster than other countries in the Persian Gulf and even in Oman.
He noted that the UAE is not the vital vein for arrival of money into the country but the country is definitely a gateway for it, reiterating that all re-exports and re-imports are done through the UAE because the UAE has been turned into a hub in the region in terms of imports and exports.