Iran’s trade with member states of the Organization of Islamic Cooperation, excluding crude oil exports, reached 54.2 million tons worth $34.81 billion during the first eight months of the current Iranian year (March 21-Nov. 21), registering a 20.45% fall in terms of weight, but a 6.23% rise in terms of value compared with the corresponding period of last year, latest data released by the Islamic Republic of Iran Customs Administration show.
The UAE with 15.69 million tons (up 2.51%) worth $15.16 billion (up 16.57%) was Iran’s top trade partner among OIC member states. It was followed by Turkey with 7.32 million tons (down 47.95%) worth $7.21 billion (up 2.86%) and Iraq with 13.31 million tons (down 42.48%) worth $4.78 billion (down 30.04%).
Iran’s exports to OIC stood at 41.76 million tons worth $17.63 billion during the eight months, registering a 23% decrease in terms of weight, but a 0.47% growth in terms of value year-on-year.
Iraq with 13.25 million tons (down 38.88%) worth $4.65 billion (down 23.89%) was the top export destination in the period. It was followed by the UAE with 7.6 million tons (up 4.34%) worth $3.98 billion (up 40%) and Turkey with 5.09 million tons (down 55.11%) worth $3.39 million (down 9.86%).
Imports stood at 12.44 million tons worth $17.17 billion, to register a 10.43% decline in weight, but a 12.93% growth in value YOY.
The UAE with 8.08 million tons (up 0.86%) worth $11.18 billion (up 10.97%) was the top exporter to Iran during the period. Turkey with 2.22 million tons (down 18.06%) worth $3.81 billion (up 17.68%) and Pakistan with 555,582 tons worth $616.79 million came next.
Iran’s total foreign trade, excluding crude oil exports, stood at 93.8 million tons worth $69.48 billion during the period to register a 10% rise in terms of value compared to the corresponding period of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
“Exports hit 70.4 million worth $32.36 billion during the period, registering a 16% decline in terms of weight, but a 4.44% rise in value,” Morteza Emadi was also quoted as saying by IRIB News Agency.
Liquefied propane, methanol, liquefied butane, polyethylene, petroleum bitumen, urea, liquefied natural gas, iron and steel ingots, and light oils were the main goods exported during the period.
China, Iraq, the UAE, Turkey and India were the main export destinations in a descending order.
Imports stood at 23.4 million worth $37.11 billion during the period, registering a 12.44% fall in terms of weight, but a 15.25% rise in value.
Corn, rice, wheat, soybeans, sunflower oil, cellphones, flour and unrefined sugar were the main imported products.
The UAE, China, Turkey, India and Germany were the top five exporters to Iran.
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, 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 last year, 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 has reached a cumulative $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 the promotion of trade and services among OIC member states, adding that this becomes even more important given the trade disruptions caused by the Covid-19 pandemic and the global food crises caused by a cocktail of challenges.
Taha emphasized that the tourism sector represents effective and inclusive cooperation in the appreciable expansion of intra-OIC trade.
