Iran’s trade with the South Asian Association for Regional Cooperation member countries amounted to $4.41 billion, during the first eight months of the current Iranian year (March 20-Nov. 20), down 29.28% compared with the previous year’s $6.24 billion.
SAARC is the regional intergovernmental organization and geopolitical union of states in South Asia. Its member states are Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.
As per the latest statistics released by the Islamic Republic of Iran Customs Administration, India accounted for the largest portion of the total amount, as the two countries exchanged $2.03 billion worth of non-oil goods and commodities during the eight months under review. However, a year-on-year comparison of the figures reveals a 41.64% drop in Iran-India trade.
Afghanistan was the second largest trade partner of Iran among SAARC member states, exchanging $1.59 billion worth of goods during the eight-month period. Trade between Iran and Afghanistan experienced a 1.06% growth during the said period.
Pakistan followed with $708.9 million, down 30% year-on-year.
Iran exported a sum of $2.79 billion collectively to the eight member states of the association. The number indicates a 16% decline compared with the same period of last year.
Afghanistan was the top destination for Iranian non-oil goods. The total value of exports to the neighboring country amounted to $1.518 billion, up 1.3%. India came after, importing $609.8 million worth of goods from Iran during the eight months, down 37% compared with the same period of the last year.
More than $509 million worth of non-oil goods have been exported from Iran to Pakistan so far this year. The number is 20% lower than the total value of transactions last year.
Iran’s exports to Nepal recorded the highest growth compared with the other members of the association, 33.5% to $461 million. The largest decline belonged to Sri Lanka, 45% YoY.
Iran imports from SAARC states totaled $1.62 billion during the eight months to Nov. 21, 2020. This indicates a 43% decline compared with the corresponding period of the last year.
India solely accounted for 88% of SAARC exports to Iran. The country shipped $1.4 billion worth of goods to Iran during the period under review to register a 43% fall year-on-year.
Pakistan followed, exporting $118.48 million worth of goods to Iran during the eight months. Compared with last year’s corresponding period, imports from the neighboring country experienced a 56% drop.
Bangladesh was the only member state of the association posting growth in exports to Iran, sending $25.8 million worth of goods to Iran, up 1.91%.
SAARC comprises 3% of the world's area, 21% of the world's population and 4.21% ($3.67 trillion) of the global economy, as of 2019.
It was founded in Dhaka, Bangladesh, on 8 December 1985. Its secretariat is based in Kathmandu, Nepal. The organization promotes development of economic and regional integration. It launched the South Asian Free Trade Area in 2006.
SAARC maintains permanent diplomatic relations at the United Nations as an observer and has developed links with multilateral entities, including the European Union.
