Page 27 - IRANRptAug22

Barter deal to provide Russia with gas turbines, auto parts and Iran with steel
Iran records $401mn non-oil trade surplus in first two Persian months
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 economy, severely undermined by years of US sanctions. Though it has called on Russia and Ukraine to achieve a peace at the negotiating table, Tehran has not condemned the Russian invasion, saying Nato bears much responsibility for creating a situation that sparked the conflict.
Non-oil trade between Iran and the rest of the world stood at $16.63bn in the first two months of the Persian calendar year (started March 21), providing Iran with a trade surplus of $401mn, according to data from Islamic Republic of Iran Customs Administration (IRICA) as cited by IRIB News.
Exports rose 37% y/y to $8.52bn. Imports gained by 24% y/y to $8.12bn. China was Iran’s largest trade partner. Exports to China reached $2.72bn, while imports from China stood at $2.12bn.
The United Arab Emirates, the main re-export hub in the Persian Gulf, was the largest supplier of goods to Iran in the two months, said IRICA. UAE exports to Iran amounted to $2.25bn. Iranian exports to the UAE were valued at $1.5bn. Iranian exports to Iraq amounted to $1.312bn in value and to Turkey and India $766mn and $290mn, respectively.
Imports from Turkey and Russia were valued at $875mn and $319mn, respectively, other cited data showed.
27 IRAN Country Report August 2022 www.intellinews.com