Iran exported $180 million worth of commodities to Kuwait in the last fiscal year (ended March 19, 2020), according to the director general of Trade Promotion Organization of Iran's Arab-African Affairs Office.
Farzad Piltan added that minerals and construction materials, including cement, ceramic, glass, stones, concrete products and plaster, constituted the lion’s share of Iran’s exports to Kuwait with a value of $30 million during the period, IRNA reported.
Data released by the Islamic Republic of Iran Customs Administration show last year’s exports indicate a 26.87% drop compared with the year before (March 2018-19).
According to Piltan, the decline in exports is due to a lack of direct contacts between Iranian and Kuwaiti business leaders, as well as obstacles in visa issuance for small-scale exchanges.
"Exploring ways of resolving these issues is high on the agenda of Trade Promotion Organization of Iran,” he said.
The outbreak of the new coronavirus also had a negative impact on Iran's trade with Kuwait in recent months.
According to Director General of Khorramshahr Ports and Maritime Organization Nourollah Asadi, Iran resumed exports to Kuwait in mid-June after a three-month hiatus since the virus emerged.
Noting that Iranian commodities and foodstuff have a significant share of the Kuwaiti market, he said Tehran has assured Kuwaiti officials that all shipments to Kuwait will comply with health standards.
New Shipping Line
A new shipping route has been launched between the Iranian port of Genaveh and Kuwait to facilitate maritime exchanges between the two countries.
According to Davoud Bahadori, the head of Genaveh Ports and Maritime Department, the route officially became operational on Wednesday, with the Iranian vessel “Arabakhtar” setting sail toward Kuwait.
He noted that the vessel carried a 160-ton consignment of food products, fresh fruits and vegetables, loaded in eight refrigerated containers.
"Once the coronavirus restrictions are removed in Kuwait, Genaveh Port will turn into a major export gateway to the Arab neighbor," Bahadori added.
Trade with Persian Gulf states accounted for about a quarter of Iran's total commercial exchanges with other countries in the last Iranian year.
Iran’s non-oil commercial exchanges with Middle East countries, including Iraq, the UAE, Oman, Qatar, Kuwait, Syria, Lebanon, Jordan and Saudi Arabia, hit $21.5 billion during the period.
According to Piltan, Iran exported $12.5 billion and imported $9 billion worth of commodities from these countries in the fiscal 2019-20, IRNA reported.
Iraq was Iran’s main export destination among the countries under review, as $9 billion worth of goods were exported to the neighboring state last year. It was followed by the UAE with $2.5 billion, Oman with $450 million, Qatar with $200 million, Kuwait with $190 million, Syria with $160 million, Lebanon with $30 million, Jordan with $21 million and Bahrain with $10 million.
The UAE was the biggest exporter to Iran in the fiscal 2019-20, as the country exported $8.7 billion worth of commodities to the Islamic Republic during the period. It was followed by Oman with $167 million, Iraq with $131 million, Jordan with $21 million, Lebanon with $18 million, Qatar with $12 million, Syria with $11 million and Bahrain with $2 million.
Iran did not have any commercial exchanges with Saudi Arabia last year.
Data released on Iran’s foreign trade during the period under review show Kuwait was Iran’s 39th trade partner last year.
