Iran Trade With Neighbors Witnessing 42% Growth in Value
Iran Trade With Neighbors Witnessing 42% Growth in Value
Iran’s business transaction with 15 neighboring countries in the last nine months has increased year-on-year (YOY) 18 percent in weight and 42 percent in value, Head of the Islamic Republic of Iran Customs Administration (IRICA) said on Thursday.

TEHRAN (Iran News) – Iran’s business transaction with 15 neighboring countries in the last nine months has increased year-on-year (YOY) 18 percent in weight and 42 percent in value, Head of the Islamic Republic of Iran Customs Administration (IRICA) said on Thursday.

Alireza Moqaddasi said that expanding political and economic ties with neighbor countries was a key policy in President Ebrahim Raisi’s administration that took office in August.

Iran’s foreign trade was $72.87 billion worth of 122,455,000 tons of goods in the last nine months, from which 75.17 million tons worth $36.81 billion were allocated to neighbors, as said by Moqaddasi.

In this period, according to the official, Iran has exported over 57.335m tons of goods to the neighboring countries with a value of $18.766 billion which indicated a 9 percent growth in weight and 24 percent in value year-on-year.

He also said that Iran has imported 17,682,000 tons of goods worth over $18 billion from neighbors in the same period which shows 62 percent increase in weight and 68 percent in value, compared to the last year’s corresponding period.

Iraq tops Iran’s list of destination target for Iran’s exports with $6.8b and Turkey with $4.131b, the UAE with $3.433b, Afghanistan with $1.412b and Pakistan with $911m trail Iraq. Russia, Oman, Azerbaijan, Turkmenistan, Kazakhstan, Kuwait, Qatar, Bahrain and Saudi Arabia rank 6th to 15th.

Moqaddasi went on to say that out of 60m tons of imported goods worth of $37b, some 17m tons goods worth of over $18b have been from these neighboring states.

The imports from the neighboring states in the first three quarters of the current year have seen 62% growth in weight and 68% in value and imports from neighboring countries have accounted for 59% in weight and 49% of value of Iran’s total imports in this period.

The UAE has been the leading neighboring country in exports to Iran with selling goods worth $11.497b and Turkey trails it with $3.7b. Russia, Iraq, Oman, Pakistan, Kazakhstan, Azerbaijan, Turkmenistan, Armenia, Afghanistan, Kuwait, Qatar and Bahrain ranked 3rd to 14th in exports to Iran.

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