Iran’s trade with member states of the Organization of Islamic Cooperation, excluding crude oil exports, reached 46.64 million tons worth $30 billion during the first seven months of the current fiscal year (March 21-Oct. 22), registering a 24.52% decline in terms of weight, but a 4.5% rise in terms of value year-on-year, latest data released by the Islamic Republic of Iran Customs Administration show.
The UAE with 13.23 million tons worth $12.91 billion was Iran’s top trade partners among OIC member states. It was followed by Turkey with 6.35 million tons worth $6.29 billion and Iraq with 11.62 million tons worth $4.14 billion.
Iran’s exports to OIC stood at 36.3 million tons worth $15.46 billion during the seven-month period, registering a 26.78% and a 0.82% decrease in terms of weight and value respectively.
Iraq with 11.48 million tons (down 28.95%) worth $4.02 billion was the top export destination in the period. It was followed by the UAE with 6.54 million tons worth $3.47 billion and Turkey with 4.59 million tons worth $3.08 million.
Imports stood at 10.33 million tons worth $14.56 billion, to register a 15.33% decline in weight, but a 10.82% growth in value YOY.
The UAE with 6.68 million tons worth $9.43 billion was the top exporter to Iran during the period. Turkey with 1.75 million tons worth $3.21 billion and Pakistan with 511,995 tons worth $563.38 million came next.
Iran’s total foreign trade (excluding crude oil exports) stood at 81.03 million tons worth $60.13 billion during the period, registering a 17.6% decline in weight but a 10% rise in value compared with the similar period of last year, according to the new spokesperson of the Islamic Republic of Iran Customs Administration.
“Non-oil exports stood at 61.28 million tons worth $28.4 billion, registering an 18.2% fall in volume, but a 5.6% growth in value year-on-year,” Morteza Emadi was also quoted as saying by Fars News Agency.
Imports reached 19.74 million tons worth $31.72 billion during the same period, indicating a 15.7% decline in weight but a 14.4% rise in value compared with the corresponding period of last year, he added.
Founded in 1969, OIC has 57 members, including Iran, with 47 Muslim majority countries. Some, especially in West Africa, have large Muslim populations that necessarily do not form a majority.
According to IRICA, Iran traded 100.15 million tons of goods (excluding crude oil export) worth $52.6 billion with OIC states in the fiscal 2021-22 (ended March 20), which was 43% higher than in the previous year.
The UAE with 23.48 million tons worth $21.46 billion, Turkey with 19.46 million tons worth $11.39 billion and Iraq with 32.58 million tons worth $10.11 billion were Iran’s key trading partners last year.
Iran’s exports reached 78.67 million tons worth $27.68 billion.
Iraq with 29.88 million tons worth $8.92 billion, Turkey with 15.74 million tons worth $6.09 billion and the UAE with 10.76 million tons worth $4.93 billion were the top export destinations.
Imports stood at 21.47 million tons worth $24.92 billion. The UAE with 12.72 million tons worth $16.53 billion, Turkey with 3.73 million tons worth $5.3 billion and Iraq with 2.7 million tons worth $1.2 billion were among the main exporters.
Iran’s total non-oil foreign trade reached 162 million tons worth $100 billion in the fiscal 2021-22, registering a 38% rise in value compared with the year before, according to the head of the Islamic Republic of Iran Customs Administration.
“Exports stood at 122 million tons worth $48 billion, registering a 41% increase in value compared with the previous year. Iran’s top five export destinations were China, Iraq, Turkey, the UAE and Afghanistan,” Alireza Moqaddesi was also quoted as saying by IRNA.
Imports hit 40 million tons worth $52 billion during the same period, registering a 21% and 36% growth in weight and value respectively.
Targeting 25% Intra-OIC Trade by 2025
OIC is the second largest organization after the United Nations.
Secretary-General of OIC Hissein Brahim Taha stressed that the organization has set a target of achieving 25% intra-OIC trade among member states in the next three years by 2025.
“The amount recorded for trade financing, business insurance operations and support for private sector activities have reached a cumulative amount of $140 billion since the inception of the International Islamic Trade Finance Corporation, the Islamic Corporation for Insurance of Investments and Export Credit, and the Islamic Corporation for the Development of the Private Sector,” he added.
This was disclosed in a statement by Taha delivered on his behalf by the Assistant Secretary-General for Economic Affairs Ahmad Kawesa Sengendo during the opening ceremony of the 17th OIC Trade Fair held in Dakar, Senegal, on 13th June 2022.
“It is my hope and prayer that this trade fair will contribute effectively towards moving intra-OIC trade from 18% seen in 2021 to 25% by 2025,” said the OIC secretary-general.
“I urge all our trade promotion agencies to continue to collaborate with the entire OIC family towards the realization of this achievable target.”
The secretary-general noted that the staging of the biennial general trade fair and the regular convening of specialized trade fairs represent an important instrument for promotion of trade and services among OIC member states, adding that this becomes even more important given the disruptions to trade caused by Covid-19 pandemic, and the global food crises caused by a cocktail of challenges.
The OIC chief emphasized that the tourism sector represents effective and inclusive cooperation in appreciable expansion of intra-OIC trade.
