Iran traded 45.85 million tons of goods worth $22.83 billion with Persian Gulf littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia, during the current fiscal year’s first nine months (March 21-Dec. 21), according to the latest data released by the Islamic Republic of Iran Customs Administration.
The UAE was Iran’s top trade partner among the Persian Gulf states under review with 17.2 million tons worth $14.93 billion. It was followed by Iraq with 25.38 million tons worth $7.66 billion and Kuwait with 2.37 million tons worth $118.11 million.
Iran’s exports totaled 35.04 million tons worth $10.44 billion.
Iraq was the main export destination with 23.47 million tons worth $6.78 billion and was followed by the UAE with 8.3 million tons worth $3.43 billion, Kuwait with 2.37 million tons worth $109.04 million, Qatar with 885,660 tons worth $108.99 million, Bahrain with 9,117 tons worth $6.25 million and Saudi Arabia with 428 tons worth $41,018.
Imports stood at 10.81 million tons worth $12.39 billion.
The UAE topped the list of exporters to Iran among Persian Gulf states with 8.9 million tons worth $11.5 billion. It was followed by Iraq with 1.9 million tons worth $879.64 million, Kuwait with 5,190 tons worth $9.07 million, Qatar with 1,808 tons worth $6.95 million and Bahrain with 76 tons worth $1.3 million.
Iran’s total foreign trade (excluding crude oil exports) stood at 122.5 million tons worth $72.1 billion during the period, registering an 11% and 38% year-on-year growth in weight and value respectively, according to the Islamic Republic of Iran Customs Administration.
According to IRICA caretaker, Alireza Moqaddesi, exports hit 92.3 million tons worth $35.1 billion to register an 8% and 40% increase in weight and value respectively compared with last year’s corresponding period.
Petrochemicals had the lion’s share of exported items with 42.4 million tons worth $14.7 billion in the period, accounting for 46% of total exports’ weight and 42% of value.
China was Iran's biggest export destination with 21.3 million tons of imports worth $10.2 billion, followed by Iraq with 23.5 million tons worth $6.8 billion, Turkey with 11.7 million tons worth $4.1 billion, the UAE with 8.3 million tons worth $3.4 billion and Afghanistan with 3.3 million tons worth $1.4 billion.
Imports hit 30.1 million tons worth $37 billion during the period, registering a 20% and 37% growth in weight and value YOY respectively.
The UAE with 8.9 million tons of exports worth $11.5 billion, China with 2.5 million tons worth $8.4 billion, Turkey with 2.9 million tons worth $3.7 billion, Germany with 593,000 tons worth $1.4 billion and Switzerland with 1.6 million tons worth $1.3 billion were the top five exporters to Iran.
Iran’s trade with Persian Gulf littoral states stood at 50.76 million tons worth $22.36 billion in the year ending March 20, 2021.
Iranian Delegation to Visit UAE in Feb.
Iran and the UAE are scheduled to hold a joint forum titled “Business and Investment Opportunities” on Feb. 8.
An Iranian delegation of businesses active in trade and marketing is to be sent to the Arab country which will be hosting the event from Feb. 6 to 9.
Minister of Industries, Mining and Trade Reza Fatemi-Amin will lead the Iranian mission, including President of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafei and the head of the Trade Promotion Organization of Iran, Alireza Peymanpak.
Iran’s first trade center licensed by Trade Promotion Organization was recently inaugurated in Dubai, the UAE.
As Iran Chamber of Commerce, Industries, Mines and Agriculture reported, the center is aimed at helping Iranian companies find a foothold in the UAE, particularly Dubai that happens to be one of the main hubs of Iran’s trade in the region.
It also seeks to use advanced information technology to create a platform that facilitates business activities of Iranian firms in the Emirati market by providing technical advice and consultation services.
The inauguration came after a senior Emirati official recently said the UAE would soon send a delegation to Iran as part of efforts to improve ties with Tehran.
"I hope that it is the sooner, the better and all our friends are aware of it," Anwar Gargash, diplomatic adviser to the UAE president, told reporters when asked when a UAE delegation would hold talks in Tehran.
The idea was to "turn over a new page" in relations, he was quoted by Reuters as saying.
Resumption of Trade With Saudi Arabia
After a one-and-a-half-year hiatus in trade, Iran exported $39,000 worth of commodities to its southern neighbor Saudi Arabia since Ebrahim Raisi’s presidential term began in August, the spokesman of the Islamic Republic of Iran Customs Administration said in late 2021.
“Of the overall sum, $33,000 pertained to a specific type of glass used in traffic signs and $6,000 belonged to tiles,” Rouhollah Latifi was also quoted as saying by Mehr News Agency.
“This marks a new beginning in Iran and Saudi Arabia’s economic, political and cultural relations after the two countries began negotiations to solve tensions.”
Sadreddin Niavarani, a member of the board of directors of Fruit and Vegetable Exporters Association, says Saudi Arabia can be a big market for Iranian agricultural products.
“Before tensions emerged between the two countries, Iran used to export around $1 billion worth of agricultural commodities to the Arab country annually. Our main exports were apple, kiwi, apricot, cherries, peach and nectarine,” the official told ILNA.
“The Saudi people have always taken a liking to Iranian products. There are no hard feelings between the businesspeople of the two countries and old trade partners have continued to work with each other despite political issues.”
The official noted that the two sides continued trade exchanges even during tense ties, as commodities were traded through intermediaries.
“During the period and before negotiations started, Iranian products first went to countries such as the UAE, where their labels of origin would change and then the consignments were reexported to Saudi Arabia,” he added.
Niavarani believes political tensions can never cause serious and everlasting obstacles to commercial and financial interactions between the two nations.
“Agricultural products, in particular, will eventually find their way to their intended markets. Iran has high-quality agricultural products, which have their own consumers in destination markets. At present, people in Saudi Arabia prefer to purchase Iranian apples instead of Turkish ones for double the price,” he said.
Three Iranian diplomats visited Saudi Arabia earlier this month to represent Tehran in the Organization of Islamic Cooperation, marking the first time that Saudi Arabia received Iranian diplomats since 2016, when Saudi Arabia severed relations with the Islamic Republic.
The development reflects the potential for improving ties and a possible exchange of diplomats between Iran and Saudi Arabia, AP reported.
Jeddah is the permanent venue of the 57-member organization.
Saeed Khatibzadeh, the spokesman of Iran’s Foreign Ministry, told reporters that Iran is focusing on reopening its offices in OIC with three diplomats.
Iran has long said it’s ready to reopen its embassy in Riyadh.
