Page 25 - IRANRptJul22

5.1.2 Import/export dynamics
Iran’s trade with Caspian Sea states up 10% y/y in first two Persian months
Latest data shows big gains in trade between Iran and Turkey and EU
Iran's trade volume with the other four Caspian Sea littoral states—Russia, Kazakhstan, Turkmenistan and Azerbaijan—increased by 10% y/y to $897.7mn in the first two months of the current Persian calendar year (March 21 to May 21), according to the Islamic Republic of Iran Customs Administration (IRICA).
Exports to the coastal neighbours amounted to $263.2mn, up 17% y/y.
The value of imports was $634.5mn, marking a 49% y/y gain.
With Iran remaining under heavy US sanctions, Iran’s Raisi administration has prioritised building up trade with the country’s near-abroad.
In terms of export destination, Azerbaijan was top ($114.9mn), followed by Russia ($68.5mn), Turkmenistan ($58.6mn) and Kazakhstan ($20.8mn). Russia was the main source of imports flowing from the Caspian Sea neighbours, with the value of shipments amounting to $319mn.
Big gains in trade between Iran and Turkey and Iran and the European Union are seen in latest official data.
Iran exported commodities worth $1.23bn to neighbouring Turkey in the four months to April 30, marking a 60% y/y rise, while exports from Turkey to Iran moved up 18% y/y to $944mn in the same period. The figures were released by the Turkish Statistical Institute (TUIK, or TurkStat). Trade overall increased 38% y/y to $2.18bn.
Machinery and equipment were among top exports sent by Turkey to Iran, while substantial shipments of copper and plastics were sent the other way by the Iranians.
25 IRAN Country Report July 2022 www.intellinews.com