Page 26 - IRANRptJul22

Trade between Iran and Qatar expected to break $2bn threshold by end of Persian year
Barter deal to provide Russia with gas turbines, auto parts and Iran with steel
Separately, the European Union's statistics office Eurostat released data showing the value of Iran’s exports to the bloc’s member states rose 37% y/y to €362mn in January to April.
EU exports to Iran gained by 10% y/y to €1.3bn.
Iran-EU four-month trade thus stood at €1.7bn, up 15% y/y.
Germany was Iran’s top EU trade partner, accounting for 38% of Iran’s total trade with the union.
Trade between Iran and the European Union reached a value of €4.86bn in 2021, higher by 9% y/y.
Iran mainly exports foodstuffs, livestock, beverages and tobacco, raw materials, mineral fuels, and vegetable oils to the EU countries, while foodstuffs, beverages and tobacco, mineral fuels, vegetable oils and chemicals are the main products imported by Iran from the bloc.
Trade between Iran and Qatar is expected to reach $2bn by the end of the current Persian calendar year (March 20, 2023), according to the head of the Iran-Oman Joint Chamber of Commerce, as cited by the Tehran Times on June 15.
Mohsen Zarabi said that in the last Persian year trade between the two countries reached $1.336bn, up 57% y/y.
“Considering the upward trend of trade with this country [Oman], it is predicted that by the end of the [current Persian] year, we will record 1.2 billion [dollars in] exports and $2 billion of trade,” Zarabi reportedly said at the annual ordinary general assembly of the Chamber.
In the first two months of the current Persian year (March 21-May 21), exports to Oman reached $283mn, marking growth of 28%, while imports from Qatar expanded by 187% to $128mn, according to Zarabi.
"One of the ways to increase trade is to introduce Iranian commodities to Omani traders and raise awareness. This is possible by sending trade delegations and holding exhibitions in this country," Zarabi was also quoted as saying.
Moscow and Tehran have struck a barter deal under which Russia will provide Iran with steel and the Iranians will supply the Russians with gas turbines, automotive parts for cars and components for other equipment, Vedomosti reported on June 1.
The Russian daily cited Iranian Trade and Industry Minister Reza Fatemi Amin as announcing the agreement.
Iran stands to benefit from Ukraine war sanctions on Moscow that hinder or prevent certain import flows to Russia that Iranian suppliers can replace. Tehran has also expressed interest in importing lead, zinc and alumina from Russia due to growing domestic demand, Fatemi Amin was also reported as saying.
The largest Russian steel producers are NLMK , Evraz, MMK, Severstal, Metalloinvest, OMK and Mechel. A major Russian producer of zinc and lead is UMMC. For alumina, UC Rusal is a key provider.
According to FINAM, Iran ranks 10th in the world for steel production with a global market share of around 1.5%, while Russia ranked fifth prior to the late February start of the war in Ukraine, with a share of about 4%.
Sanctions have not yet been imposed against the Russian non-ferrous metallurgy sector, but much of the global market has turned cold on cooperating with most Russian businesses.
Iran, the most sanctioned country in the world prior to the wave of sanctions that hit Moscow in relation to the Ukraine conflict, has no compunction as regards trade and investment with Russia as it attempts to prop up its own
26 IRAN Country Report July 2022 www.intellinews.com