Iran reports substantial increase in trade with neighbors

Iran’s trade with its neighboring countries rose significantly in the 10 months to late January compared to the same period last year.

Figures released on Saturday by a subsidiary of Iran’s ministry of trade (MIMT) showed that trade between the country and its 15 neighbors, including states with which Iran shares maritime borders, had increased by 19.2% year on year in April-January to reach $59.7 billion.

The figures showed that Iran’s trade with its neighbors had increased by 16.2% in volume terms to reach 93.5 million metric tons in the 10 months to late January.

Trade with neighbors accounted for nearly 60% of Iran’s total trade in April-January, according to the data.

Iran’s exports to neighbors rose by 28% to $29.7 billion in the 10 months to late January, said the MIMT department.

It said that Iraq had been the largest buyer of Iranian goods and commodities over the period with some $10.175 billion worth of purchases, followed by the United Arab Emirates (UAE) at $5.961 billion and Turkey at $5.535 billion.

Exports to Iraq, the UAE, and Turkey rose by 31%, 12%, and 43%, respectively, in April-January, the trade figures showed.

The data showed that Iran’s imports from neighbors had reached a total of $29.875 billion in the 10 months to late December, up 11.5% compared to the same previous period.

The UAE, which is the main re-exporting hub in the Persian Gulf, was the largest exporter to Iran in April-January with some $16.9 billion worth of shipments while imports from Turkey and Russia reached $9.9 billion and $1.2 billion, respectively, over the same period, according to the figures.

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