Page 28 - IRANRptOct22

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
Trade between Iran and Qatar expected to break $2bn threshold by end of Persian year
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.
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.
28 IRAN Country Report October 2022 www.intellinews.com