Iran foreign trade Archives - Iran News Daily

Iran Foreign Trade Hits $120b

mahla — Fri, 15 Jul 2022 18:42:21 +0000

TEHRAN (Iran News) – Iran’s foreign trade amounted to $120 billion last solar year (ended March 20, 2022), the Minister of Industry, Mine, and Trade said.

Iran Press/ Iran News: Reza Fatemi Amin made the comment at a meeting with Andrei Savinykh, Ambassador of the Iran-Belarus Parliamentary Friendship Group in Tehran.

Referring to Western sanctions imposed on his country over the past four decades, Fatemi Amin said that Iran has made progress despite those measures.

He noted that one of the fields that Iran has developed is the production of medicine and medical equipment.

“Iran and Belarus can promote their ties beyond imports and exports, and they can enter into projects to jointly produce products and enter markets in other parts of the world,” Fatemi Amin said.

He added that the two countries can also work on jointly producing laser products, given Belarus’ capabilities in this regard.

The Iranian minister said that mining is another field of cooperation.

He put focuses on projects of copper exploration and extraction, with reference to Iran’s discovered resources of copper, which he said account for 7% of the world’s sources.

He referred to an upcoming visit by an Iranian economic delegation to Belarus and recommended that preparations are carried out for making a roadmap for cooperation in order to speed up work.

For his part, Savinykh said that Belarus views Iran as a good and trusted partner whose presence is essential to creating a structure for economic and scientific development in the Eurasia region.

He also referred to looming changes in the financial sector in the world and said that Belarus will over the next several years shift from the dollar to using local currencies in its trade and economic activities.

That would remove obstacles to economic development too, he added.

Savinykh also said that Belarus has begun initial work to launch direct flights with Iran, and called on Tehran to support the project.

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7 Countries Account for 90% of Iran Foreign Trade

mahla — Sun, 07 Nov 2021 06:22:28 +0000

TEHRAN (Iran News) – 7 Countries Account for 90% of Iran Foreign Trade. Head of Joint Iran-China Chamber of Commerce says Iran’s economy today is at the “most dangerous historical point of inflation in the last four decades” and there is a possibility of a “hyperinflation” and a sharp rise in price of commodities.

Majid Reza Hariri speaking to ILNA said that Iran’s economy is at the “most dangerous historical point of inflation in the last four decades” and there is a possibility of a “hyperinflation” and a sharp rise price of commodities.

He said, “We go through 50 or 60 percent inflation stages, inflation control will become difficult and that any decision is made in the country, we must first assess the consequences in order to increase or decrease the inflation rate.”

The Statistical Center published a new report on inflation in early November, saying that the increase in the price of foods and beverages in the country during the 12 months ending in October this year was 61.4 percent compared to the same period last year (annual inflation), which is a new record in the inflation of food items.

Hariri then pointed to the prerequisites for economic growth of the country in the current condition and impacts of political talks, and said major part of the current national economy that, according to all experts, is not in good conditions, is the impact of diplomatic and political relation. He added that the country’s political war with the U.S. has extended to the economic scene and definitely any action and reaction will be effective in the future economic condition of the country.

He said Iran’s economy is addicted to oil sales and it is not able suddenly to cut this dependence, and two announced policies by the officials should move ahead shoulder by shoulder. He said one of the policies is efforts to remove sanctions which are followed by the political talks and all bodies should try to resolve the problems through talks. He added that the second policy is to try to minimize the impacts of sanctions on the country’s trade despite sanctions and it can be materialized through bilateral trade especially with the neighboring countries and convincing them for bilateral and preferential agreements.

Hariri noted that we should consider this point that 90 percent of Iran’s foreign trade is with only 7 countries and therefore it should try to have a diversified market and several partners.

He added that inflation and sanctions are two essential issues in the current condition of the national economy and the country should work to nullify them with any method possible.

He noted that the government should take advantage of experiences and views of economic experts to overcome this problem and warned that if the inflation is not controlled now, its curb will be difficult in the future.

In recent months, several warnings have been issued about the rise of hyperinflation in the country. Later in July, Massoud Khansari, Head of the Tehran Chamber of Commerce, tweeted that as the current trend continues, “in the coming months the government will face inflation that has never been experienced in the country.”

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Trade of Iran, EAEU Increases by 6%

reporter 1222 — Thu, 15 Oct 2020 05:11:42 +0000

TEHRAN (Iran News) – Trade between Iran and the members of the Eurasian Economic Union (EAEU) increased by six percent during (October 27, 2019-August 21, 2020), compared to the same period in the previous year, data released by the Trade Promotion Organization (TPO) showed.

Based on the TPO data, Iranian exports to the mentioned union increased by 21 percent, while the imports had a one percent rise, IRNA reported.

Iran exported $823.9 million worth of commodities to the EAEU nations in the mentioned period compared to the $679.8 million in the same period of time last year.

As reported, Russia had the highest amount of imports from Iran among the five Eurasian Economic Union member states during the period under review and the lowest exports were made to Belarus.

Meanwhile, most imports came from Russia and the least from Kyrgyzstan, the data indicated.

According to the Islamic Republic of Iran’s Customs Administration (IRICA) data, Iran’s trade with the members of the Eurasian Economic Union during the first five months of the current Iranian year (March 19-August 21) stood at $2.791 billion, up six percent compared to the same period last year, in which the figure stood at $2.635 billion.

The agreement enabling the formation of a free trade area between Iran and the EAEU was signed on May 17, 2018, and officially came into force on October 27, 2019.

This agreement, which has laid the ground for the expansion of trade ties between the two sides, consists of two commodity lists, including the preferences granted by the Eurasian Economic Union to Iran (504 items) and the preferences granted by Iran to that union (390 items). These preferences are in the form of tariff reductions or tariff fixations (no tariff increase for the other party) in the base year.

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Iran Calls for Closer Ties with Uzbekistan

reporter 1222 — Tue, 01 Sep 2020 07:40:30 +0000

TEHRAN (Iran News) – Iran’s president called for closer cooperation with Uzbekistan in various fields, especially amid the outbreak of the coronavirus pandemic.

In a message to President of Uzbekistan Shavkat Mirziyoyev on Tuesday, President Hassan Rouhani warmly congratulated Uzbeks on the 29th anniversary of declaration of independence from the Soviet Union.

He also highlighted the role of cultural commonalities and joint efforts in the promotion of cooperation under the shadow of the coronavirus global crisis.

The Iranian president expressed hope that determination of the two countries’ economic officials would enhance interaction for serving the interests of the two nations.

On August 31, 1991, Uzbekistan declared independence after a failed coup attempt in Moscow.

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Iran, Vietnam trade as twice as before

reporter 1222 — Tue, 24 Dec 2019 13:58:30 +0000

TEHRAN (Iran News) – Head of Iran and Vietnam Joint Chamber of Commerce says the value of trade between the two countries reached $352 million at the end of the Iranian calendar year of 1397 (March 20, 2019), up over 100 percent from $172 million in the preceding year.

“According to the official statistics, the worth of trade between the two countries stood at $352 million in the previous Iranian calendar year [1397], the figure, however, is not approved by the joint chamber, since due to the U.S. sanctions much of the two countries’ trade is done through third countries and is estimated to be around $700 million,” Mostafa Mousavi told ILNA.

The Asian country is eager for boosting its trade with Iran and considering the banking issues the two countries trade is mostly done through bartering, the official said.

According to Mousavi, because of the sanctions most of Iran’s exports to Vietnam are being done through Turkey and Oman, while Vietnamese goods are imported through the UAE, which has led to not being mentioned in the official statistics of the two countries.

He further announced that Trade Promotion Organization (TPO) of Iran is going to hold the first Iran-Vietnam economic working group on January 5, in which the two countries are going to sign a memorandum of understanding for expansion of economic cooperation.

Vietnam is one of the world’s major producers of non-oil commodities and its products are of very high quality.

The country was the 45th exporter of goods to Iran during the past Iranian calendar year. The country mainly exported coffee, pepper, fish feed, and cellphones to Iran.

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Exports to Iraq from one border top $800mn

reporter 1222 — Sun, 08 Dec 2019 08:01:37 +0000

TEHRAN (Iran News) – Exports to Iraq through Mehran’s border terminal, located in the west of Ilam province, amounted to about 1.3 million tons, worth over $800 million during the eight months to November 21.

Director-General of Ilam Customs Administration Ruhollah Gholami said Iran’s exports to Iraq through the major gate witnessed a 25% increase in volume, compared with the corresponding period of last year.

On average, 1,000 trucks carry goods to Iraq from Mehran Border Terminal daily.

Export commodities Iraq mainly included cement, agro products, steel products, plastic products, cars, car parts and petrochemicals.

Earlier this year, economist reported that Iran has exported $2.5 billion worth of commodities and services to neighboring Iraq during the 100 days ending July 1, registering an increase of 20% compared with last year’s corresponding period.

In other words, goods worth an average $25 million were exported to the neighboring country per day, according to Secretary-General of Iran-Iraq Chamber of Commerce Hamid Hosseini.

He announced the figures during the Iran-Iraq Commercial Forum held at Iran Chamber of Commerce, Industries, Mines and Agriculture on Saturday, IRIB News reported.

President of Iran-Iraq Chamber of Commerce Yahya Al-e Es’haq, who was also present at the forum, said Iran’s bilateral trade with Iraq is ten times more than that with the whole Europe.

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Oman Economic Ties with Iran to Expand

reporter 1222 — Sat, 07 Dec 2019 12:55:16 +0000

TEHRAN (Iran News) – Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said on Saturday that his country and Oman are enjoying very close political relations which will bring about stronger economic ties, adding that he will have more meetings with Omani officials.

“Good political ties between Iran and Oman have paved the ground for expanding economic relations between the two countries,” Hemmati wrote on his Instagram page today.

“Following good talks that I recently had with Oman’s foreign minister and the head of the country’s Central Bank in Muscat, I will negotiate with Oman’s industry minister,” he added.

Headed by Minister of Commerce and Industry of Oman Ali bin Masud Al Sunaidi, a high-ranking economic delegation from Oman is visiting Iran to discuss expansion of ties.

The Head of Iran Trade Promotion Organization Hamid Zadboum said on Saturday that trade, investment, industry, chambers of commerce, free zones, the environment, electricity, and gas are some common areas of cooperation between Iran and Oman.

According to the Head of Iran-Oman Joint Economic Committee, Iran’s exports to Oman reached $728 million this year, while the two countries’ trade turnover hit $1.16 billion, indicating a 5.3 percent increase in trade between the two countries in about five years.

Last month, Head of Iran-Oman Chamber of Commerce Mohsen Zarrabi said that the volume of Iran’s annual exports to Oman has skyrocketed from $146 to $728 million in the past year which indicates a fivefold jump, hailing the rise also in the volume of imports from the Arab country.

In a meeting with Omani Ambassador to Tehran Saud bin Ahmad Khalid al-Barwani on November 12, Zarrabi said that the economic interactions between Iran-Oman joint chambers are expected to increase, citing that Iran’s exports to Oman stood at $146 million in the Iranian year of 1396 (March 21, 2017-March 20, 2018) but the figure increased up to $728 million in the Iranian year of 1397 (March 21, 2018-March 20, 2019).

He went on to say that Iran’s imports from Oman have also reached $433 million resulting in increasing of trade volume to $1.1 billion.

Thanks to its good political relations with various countries, having free trade agreement with them and its membership in World Trade Organization, Oman can be a good target for exporting Iranian products to various markets in the world, Zarrabi noted.

He reiterated that the best way for entering into Oman’s market is to attend eight exhibitions which have been established through the Omani government’s efforts.

The Omani envoy, for his part, said, “Omani officials seek expansion of economic ties with Iran.”

“It is vital for delegations from both countries to attend Iran-Oman joint economic summit to prepare the ground for the development of mutual economic relations,” he added.

Late in October, Tehran and Masqat announced that they are eager to boost their trade ties up to $1bln.

“The volume of trade exchanges between the two countries are expected raise to $1bln by the end of this year,” Head of Iran-Oman joint chamber of commerce Mohsen Zarrabi told FNA on October 28.

He also added that the volume of Iran’s exports to Oman had increased by 57% in the first six months of the Iranian year of 1397 (March 21, 2018- August 20, 2019) compared with the corresponding period in 2017.

Zarrabi said that imports of goods from Oman to Iran have also shown a 264% increase in the past six months of the current year.

Iran and Oman have had good economic relations from old times and the ties have even expanded in recent years due to extended bank cooperation between the two countries.

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Semnan exports worth $170m

reporter 1222 — Sat, 07 Dec 2019 10:00:11 +0000

TEHRAN (Iran News) – Iranian province of Semnan exports, including 182,241 tons of commodities worth $170 million during the eight months to November 21, a senior official at the Islamic Republic of Iran Customs Administration said.

“The figures indicate a 19% fall in terms of volume but a considerable increase of 62% in terms of Rial value, compared with the corresponding period of last year,” Semnan Customs Administration’s Director General Ali Sa’deddin said.

He added that forty-six countries were the destinations of Semnan exports during the period under review.

Lead ingot, sodium hydroxide, light hydrocarbon, and other metal products, as well as plastic, wires, and cables, were the main commodities exported from Semnan in the eight months period, Sa’deddin said.

In spite of US sanctions imposed against the Islamic Republic of Iran, export of non-oil products from Customs Office of Pars Energy Special Economic Zone is on the verge of growth in a way that more than $500 million worth of non-oil products were exported from the country in Iranian month of Aban (Oct. 21 – Nov. 22), showing a 39 and five percent growth in terms of weight and value respectively.

Although many restrictions were imposed against the Islamic Republic of Iran in the field of shipping, insurance of vessels and oil tankers, all these cases could not prevent the growth of non-oil exports especially petrochemical products.

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Armenia relations with Iran ready to boost: envoy

reporter 1222 — Thu, 05 Dec 2019 08:32:10 +0000

TEHRAN (Iran News) – Armenia is ready to provide the grounds for bolstering its economic relations with Iran, says the Armenian ambassador to the Islamic Republic.

In a meeting with East Azarbaijan tradesmen, Artashes Toumanian stressed that his country is ready to help promote ties between the Eurasian Union and the Iranian businessmen, particularly the traders of East Azarbaijan province, which borders Armenia.

The envoy noted that the move comes in line with Armenia’s efforts to keep global standards in its economic relations and supporting business people.

Information technology, agriculture, technical and engineering services, renewable energies, pharmaceutical, tourism, hotel industry, and gas sector are among the areas of cooperation, he added.

Iranian companies can export their products to the Eurasia market without any customs fees through transferring their production to Armenia, he said.

Referring to the establishing of the Iran-EAEU trade office in Armenia, he announced his country’s readiness to invest $ 1 million in the project.

The Armenian official further invited ICCIMA head to attend the meeting of the chairmen of EAEU member states’ chambers of commerce to be held in Armenia in May 2020.

Referring to the good political relations between the two countries, Gholam Hossein Shafei, for his part, said that despite cultural proximity, the existence of numerous agreements and extensive political ties, the amount of exchanges and joint ventures between Iran and Armenia is limited.

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Ties with Tajikistan Be Firmer; Iran Minister

reporter 1222 — Wed, 04 Dec 2019 12:18:48 +0000

TEHRAN (Iran News) – Iranian Minister of Energy Reza Ardakanian declared that the Islamic Republic of Iran is pursuing developing its electricity cooperation with Tajikistan.

He made the remarks on Tue. in his meeting with Tajikistan Minister of Energy and Water Resources Usmonali Usmonzoda on the sidelines of signing a Memorandum of Understanding (MoU) and stated, “accordingly, Iran is keenly interested in broadening electricity relations with Tajikistan.”

Synchronization of the electricity system between countries requires establishing electricity connection, he said, adding, “presently, we are seeking to establish electricity ties with Tajikistan, implementation of which requires holding quadruple ties with Afghanistan, Uzbekistan, and Tajikistan.”

Tajikistan possesses the largest hydroelectricity electricity capacity in the world in a way that this country accounts for 15% share of hydroelectricity capacity in the world, he said, adding, “if the required investment is made in this sector, the electricity produced in the country can meet the demand in the region.”

He further pointed to the US sanctions imposed on Iran and said, “US sanctions imposed on Iran have impeded the development of Iran’s regional ties with other countries.”

For his part, Tajikistan Minister of Energy and Water Resources Usmonali Usmonzoda said, “the 13th Iran-Tajikistan Joint Economic Cooperation Forum has opened a new chapter in bilateral ties between the two countries, the issue of which will have more constructive role in strengthening ties between Iran and Tajikistan in different sectors.”

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