Iran’s trade with member states of the Organization of Islamic Cooperation, excluding crude oil exports, reached 83.18 million tons worth $50.03 billion during the first 10 months of the current Iranian year (March 21, 2022-Jan. 20), registering a 1.65% and a 20.18% rise in terms of weight and value compared with the corresponding period of last year, latest data released by the Islamic Republic of Iran Customs Administration show.
The UAE with 20.27 million tons (up 5.48%) worth $19.77 billion (up 17.42%) was Iran’s top trade partners among OIC member states. It was followed by Turkey with 15.89 million tons (up 3.94%) worth $11.69 billion (up 33.52%) and Iraq with 24.33 million tons (down 9.07%) worth $9.08 billion (up 10.47%).
Iran’s exports to OIC stood at 66.51 million tons worth $27.32 billion during the 10-month period, registering a 3.16% and a 24.41% increase in terms of weight and value respectively.
Iraq with 24.21 million tons (down 3.27%) worth $8.92 billion (up 22.45%) was the top export destination during the period. It was followed by the UAE with 9.26 million tons (down 23.21%) worth $4.82 billion (up 6.45%) and Turkey with 12.86 million tons (up 42.43%) worth $6.61 million (up 73.99%).
Imports stood at 16.67 million tons worth $22.71 billion, registering a 3.93% decline in weight, but a 15.47% growth in value.
The UAE with 11 million tons (up 8.01%) worth $14.95 billion (down 23.98%) was the top exporter to Iran during the period. Turkey with 3.03 million tons (down 5.83%) worth $5.08 billion (down 61%) and Pakistan with 643,029 tons worth $713.69 million came next.
Iran’s total exports, excluding crude oil, fuel oil, kerosene, suitcase trade, technical and engineering services and electricity, stood at 103 million tons worth $45.3 billion during the 10-month period, registering a 2.93% and 17.66% rise in terms of tonnage and value respectively compared with the corresponding period of last year, according to the head of the Islamic Republic of Iran Customs Administration.
Mohammad Rezvanifar also told IRNA that the average value of each ton of exported products increased by 14.31% to $440 during the period under review from $385 in the corresponding period of last year.
China with $12.6 billion, Iraq with $8.9 billion, Turkey with $6.6 billion, the UAE with $4.8 billion and India with $1.6 billion were Iran’s main export destinations.
“These five countries accounted for 73.96% and 76.3% of the weight and value of the total export, respectively,” he added.
He noted that liquefied natural gas with $6.8 billion was the main commodity exported during the period and accounted for 15.4% of the total exports in terms of value.
According to the official, imports during the same period stood at 31 million tons worth $48.5 billion, registering a 7.6% decline in tonnage but a 16.86% rise in value.
“The average value of each ton of imported goods grew by 25.74% to $1,571 during the period from $1,249 in last year’s same period,” he said.
Top exporters to Iran during the period were the UAE with $15 billion, China with $12.7 billion, Turkey with $5.1 billion and India with $2.4 billion and Germany with $1.5 billion. These countries accounted for 65.19% and 75.6% of the total imports’ weight and value respectively.
Essential goods such as corn, rice, soybeans, wheat, sunflower oil, barley and soymeal were the main imported goods during the period, which accounted for 57.6% and 21.2% of total imports in tonnage and value respectively.
“Import of cellphones stood at $2.28 billion, accounting for 4.7% of the total imports’ value,” the IRICA chief said.
Rezvanifar said a total of 11 million tons of foreign goods were transited from Iran during the same period, registering a 7.4% year-on-year rise.
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 former 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.
Its Secretary-General 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 OIC’s Assistant Secretary-General for Economic Affairs Ahmad Kawesa Sengendo during the opening ceremony of the 17th OIC Trade Fair held in Dakar, Senegal, on 13 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 OIC chief 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.
Taha emphasized that the tourism sector represents effective and inclusive cooperation in appreciable expansion of intra-OIC trade.
