Page 29 - IRANRptJun22

‘achievable’
Iran’s exports to EEU states grow 12% in last Persian year, imports leap 90%
Iran’s exports to Afghanistan fall by fifth
Russia, Iran annual trade ‘on course to hit record-breaking $4bn’
neighbour grew 20% y/y in last Persian year (ended March 20) to around $500mn.
Armenia is also important to Iran in that it is a strategic ally of Russia, with which Iran is also attempting to drive up trade—with new market share opportunities opening up given the withdrawal of so many Western traders and investors in response to Russia’s invasion of Ukraine—and borders Georgia, from where goods can be exported to Europe.
Fatemi Amin, after completing a visit to Armenian capital Yerevan, said that a contract has been signed for the production of Iranian home appliance brands in Armenia for sales in that country and beyond.
In early April, Hamed Forouzan, director-general for international affairs of the Iranian Ministry of Labour and Cooperatives, announced that Iran is to open a business relations centre in Armenia.
Iranian exports to member states of the Moscow-led Eurasian Economic Union (EEU) expanded by 12% y/y in the last Persian calendar year (ended March 20) to more than $1.17bn, Mehr News Agency has reported.
Imports were up 90% y/y to $4.47bn, according to the cited data from the Islamic Republic of Iran Customs Administration (IRICA).
The Russian Federation at $583.66mn was the top destination for Iranian products in the EEU, after which came Armenia at $302.34mn, Kazakhstan at $188.87mn, Kyrgyzstan at $78.9mn and Belarus at $16.81mn.
In terms of imports, the top five were ranked thus: Russian Federation at $4.05bn, Kazakhstan at $379.27mn, Belarus at $28.61mn, Armenia at $9.07mn and Kyrgyzstan at $1.66mn.
Iran and the EEU reached a three-year interim preferential trade agreement (PTA) in October 2018, based on which around 862 commodities were subjected to preferential tariffs. It came into effect in October, 2019. There are plans to upgrade the PTA into a free trade agreement (FTA) by the end of this year.
Iran's exports to neighbouring Afghanistan fell by around one-fifth to $1.84bn in the just-ended Persian calendar year (ended March 20), ILNA reported on April 5, citing data from the Islamic Republic of Iran Customs Administration (IRICA). Imports, while very modest at $19.5mn, were reportedly up 200% y/y.
IRICA spokesman Rohollah Latifi, referencing the turmoil Afghanistan endured last year as the US-backed government collapsed and the Taliban regime took over, was quoted as saying: "The decrease in exports was normal given the situation in Afghanistan last year. The first point is that for several months we have witnessed crises in this country and the exporters were faced with ambiguities and concerns about sending their goods to different destinations in Afghanistan.”
He added: “Another important point was that many projects that were being implemented in the country by the former government or international agencies were stopped or changed, and as a result, there were interruptions in their implementation, or some projects were basically shut down, so consumption of construction materials in this country decreased, and naturally in these conditions, the export of construction materials also decreased.”
Trade turnover between Russia and Iran likely hit a record-breaking $4bn in 2021, Russian Trade Representative in Tehran Rustam Zhiganshin told TASS.
"Turnover surged by 89.4% during the first 11 months against the like period of
29 IRAN Country Report June 2022 www.intellinews.com