Iran’s trade with member states of the Organization of Islamic Cooperation, excluding crude oil exports from the country, stood at 61.99 million tons worth $39.72 billion during the first three quarters of the current Iranian year (March 21-Dec. 21, 2022), registering a 17.65% fall in terms of weight, but a 6.22% rise in value compared to the corresponding period of last year, latest data released by the Islamic Republic of Iran Customs Administration show.
The UAE with 18.04 million tons (registering a 4.91% year-on-year rise) worth $17.42 billion (up 16.71%) was Iran’s top trade partners among OIC member states. It was followed by Turkey with 8.37 million tons (down 42.74%) worth $8.28 billion (up 5.75%) and Iraq with 15.02 million tons (down 40.79%) worth $5.39 billion (down 29.52%).
Iran’s exports to OIC stood at 47.51 million tons worth $19.91 billion during the period, registering 20.45% and 0.44% falls in weight and value respectively.
Iraq with 14.87 million tons (down 36.61%) worth $5.24 billion (down 22.68%) was the top export destination in the period. It was followed by the UAE with 8.58 million tons (down 26.59%) worth $4.48 billion (up 8.48%) and Turkey with 5.7 million tons (down 31.27%) worth $3.82 million (up 11.39%).
Iran’s imports from OIC stood at 14.47 million tons worth $19.81 billion during the period to register 6.88% decline in weight but a 13.89% rise in value.
The UAE with 9.46 million tons (up 6.34%) worth $12.94 billion (up 12.56%) was the top exporter to Iran during the period. Turkey with 2.66 million tons (down 9%) worth $4.45 billion (up 20.53%) and Pakistan with 599,059 tons worth $666.58 million came next.
Accounting for Over Half of Iran’s Foreign Trade
OIC accounted for more than half of Iran’s trade during the three-quarter period under review.
According to IRICA, Iran’s total foreign trade with world countries, excluding crude oil exports, stood at 106.79 million tons worth $78.84 billion Q1-3 to register 12.82% decline in weight, but a 9.36% rise in value.
China was the main trade partner of Iran during the period with 26.2 million tons worth $22.72 billion. It was followed by the UAE with 18.04 million tons worth $17.42 billion, Turkey with 8.37 million tons worth $8.28 billion, 15.02 million tons worth $5.39 billion and India with 5.16 million tons worth $3.56 billion.
Exports hit 79.94 million tons worth $36.24 billion during the period, registering 13.38% decline in terms of weight, but a 3.24% rise in value.
China with 22.99 million tons worth $11.5 billion, Iraq with 14.87 million tons worth $5.24 billion, the UAE with 8.58 million tons worth $4.48 billion, Turkey with 5.7 million tons worth $3.82 billion and India with 3.68 million tons worth $1.41 billion were Iran’s main export destinations during the period.
Imports stood at 26.84 million worth $42.6 billion during the period, registering a 10.79% fall in terms of weight, but a 15.15% rise in value.
Top five exporters to Iran during the period were the UAE with 9.46 million tons worth $12.94 billion, China with 3.21 million tons worth $11.21 billion, Turkey with 2.66 million tons worth $4.45 billion, India with 1.47 million tons worth $2.15 billion and 617,482 tons worth $1.31 billion.
2021-22 Iranian Year in Review
Iran traded 100.15 million tons of goods (excluding crude oil exports) worth $52.6 billion with OIC member states in the last Iranian year (March 2021-22), according to IRICA.
The trade volume saw a 43% rise compared to the year before.
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 main trade partners among OIC members last year.
Iran’s exports totaled 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 the main exporters.
Iran’s total foreign trade excluding crude oil exports stood at 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 Moqaddasi was quoted by IRNA as saying.
Imports hit 40 million tons worth $52 billion during the same period, registering 21% and 36% growth in weight and value respectively.
The UAE, China, Turkey, Germany and Russia were the main exporters.
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 June 13th, 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.
