Iran traded 75.28 million tons of goods (excluding crude oil exports) worth $37.4 billion with the Organization of Islamic Cooperation’s member states during the current fiscal year’s first nine months (March 21-Dec. 21), latest data released by the Islamic Republic of Iran Customs Administration show.
The UAE with 17.2 million tons worth $14.93 billion, Turkey with 14.62 million tons worth $7.83 billion and Iraq with 25.38 million tons worth $7.66 billion were Iran’s main trade partners among OIC members during the period.
Iran’s exports totaled 59.73 million tons worth $20 billion.
Iraq with 23.47 million tons worth $6.78 billion, Turkey with 11.69 million tons worth $4.13 billion and the UAE with 8.3 million tons worth $3.43 billion were the top export destinations.
Imports stood at 15.55 million tons worth $17.4 billion. The UAE with 8.9 million tons worth $11.5 billion, Turkey with 2.93 million tons worth $3.7 billion and Iraq with 1.9 million tons worth $879.64 million were the main exporters.
Founded in 1969, the Organization of Islamic Cooperation is an international organization consisting of 57 member states, including Iran, with 47 countries being Muslim majority countries. Some, especially in West Africa, have large Muslim populations but are not necessarily Muslim majority countries.
Reopening of Iran’s Office in Jeddah
Three Iranian diplomats visited Saudi Arabia’s Jeddah last month to reopen Iran’s representative office in the Organization of Islamic Cooperation.
The diplomats landed in the city where the 57-member organization is based to restart operations six years after the office was closed following a diplomatic rift.
Iran’s Foreign Ministry Spokesman Saeed Khatibzadeh also confirmed that three diplomats had received visas from Saudi Arabia and were engaged in efforts to reopen the office.
“The Islamic Republic of Iran is also ready to reopen its embassy in Saudi Arabia,” he also told a news conference in Tehran, but added that this would hinge on “practical efforts” by the kingdom.
The two countries broke diplomatic ties in 2016 after crowds of people stormed the Saudi Embassy in Tehran and a consulate office in Mashhad in response to the execution of a prominent Shia religious scholar Sheikh Nimr al-Nimr without due process by the Sunni-majority kingdom.
Iran traded a total of 122.5 million tons of goods (excluding crude oil) worth $72.1 billion with other countries during the nine-month period, registering an 11% and 38% year-on-year growth in weight and value respectively, according to IRICA, which indicates that OIC states accounted for half of Iran’s overall trade.
Total 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.
Total imports hit 30.1 million tons worth $37 billion during the period, registering a 20% and 37% growth in weight and value YOY respectively.
Top five exporters to Iran were 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 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, respectively.
Fiscal 2020-21 in Review
Iran’s trade with OIC members stood at 82.86 million tons worth $36.66 billion in the fiscal 2020-21.
Top trade partners during the year under review were the UAE with 20.57 million tons worth $14.42 billion, Iraq with 25.77 million tons worth $7.58 billion, Turkey with 11.24 million tons worth $6.94 billion, Afghanistan with 7.04 million tons worth $2.31 billion and Pakistan with 2.72 million tons worth $1.18 billion.
Exports to OIC members hit 70.49 million tons worth $21.05 billion.
The main export destinations included Iraq with 25.67 million tons worth $7.45 billion, the UAE with 15.44 million tons worth $4.66 billion, Turkey with 6.38 million tons worth $2.54 billion, Afghanistan with 7.03 million tons worth $2.31 billion and Pakistan with 2.55 million tons worth $1 billion.
Fiscal 2020-21 imports stood at 12.37 million tons worth $15.61 billion.
The UAE with 5.14 million tons worth $9.76 billion, Turkey with 4.86 million tons worth $4.4 billion, Oman with 1.28 million tons worth $433.97 million, Malaysia with 223,090 tons worth $288.02 million and Iraq with 102,818 tons worth $133.85 million were the top exporters to Iran among OIC members.
Iran’s total foreign non-oil trade stood at 145.7 million tons worth $73 billion in the last fiscal year (March 2020-21).
According to IRICA, exports accounted for 112 million tons worth $34.52 billion and imports constituted 34.4 million tons worth $38.5 billion of the sum.
The exports mainly included gasoline, natural gas, polyethylene, propane and pistachio.
The main export destination was China with 26.6 million tons worth $8.9 billion of imports from Iran, followed by Iraq, the UAE, Turkey and Afghanistan.
“These five countries imported 80 million tons of non-oil goods worth $25.7 billion,” former IRICA chief, Mehdi Mirashrafi, was also quoted as saying by Mehr News Agency.
“Iran’s foreign trade declined by 25 million tons due to sanctions and the Covid-19 pandemic, such that the country’s trade deficit stood at $4 billion.”
Mirashrafi noted that 23.1 million tons of essential goods, including corn, rice, soymeal, oilseeds, wheat and unprocessed oils, worth $12 billion were imported during the period.
Iran imported 3.5 million tons of essential goods worth $9.7 billion from China, 5 million tons worth $9.6 billion from the UAE, $4.3 billion worth of goods from Turkey, 2.2 million tons worth $2.1 billion from India and 1.2 million tons worth $1.8 billion from Germany in the year ending March 20, 2021.
