Iran’s exports to Lebanon reached $12.7 million during the first five months of the current Iranian year (March 21-Aug. 22), showing a massive growth of 677% and 226% in weight and value respectively compared with the similar period of last year, according to the director general of Arab and African Affairs Bureau with the Trade Promotion Organization of Iran.
“Our main exported products to Lebanon during the period under review were iron and steel bars, different types of floorings, glass, pistachio, textile, tomato paste, polystyrenes, livestock, yeast and batteries,” Farzad Piltan was also quoted as saying by the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture.
Iran imported a total of $7.5 million worth of products from the Arab country over the same five months with the main imports being electricity generators, combustion engines, filters used for blood transfer and IV therapy, cucumber, tomato and pepper seeds, oilseeds, nuts and cocoa powder.
Tehran-Beirut trade hit $20.2 million during the five-month period.
According to Piltan, the two countries traded $33.8 million worth of goods in the last fiscal year (March 2020-21), with Iran’s exports accounting for $21 million and Lebanon $12.8 million of the total sum.
“Iran and Lebanon have been in talks to sign a preferential trade agreement. The preliminary lists of items have been exchanged between the two sides and some aspects of the document have been agreed so far. Negotiations have been suspended for now, yet we expect talks to resume as soon as possible,” he added.
The TPO official noted that the two sides have prepared the ground and infrastructure to help expand trade over the years by launching direct flights between the two countries, opening branches of Iranian banks in Lebanon and Iran’s Trade Bureau in Beirut, exchanging commercial attachés, holding international exhibitions and signing trade deals and memoranda of understanding.
Piltan concluded that there is ample ground for Iran’s commercial activity in Lebanon.
“Iran can expand its exports of nuts, hand-woven and machine-made carpets, automotive and auto spare parts, pharmaceuticals and medical equipment, technical and engineering services to Lebanon, increase bilateral cooperation in the field of tourism and collaborate in exporting goods to third-party countries in Latin America, Africa and Europe with Lebanon and its busy ports acting as export platforms,” he added.
