Iran’s trade with Venezuela surged by 49% in terms of weight and 197% in value in the fiscal 2022-23 (ended March 20) compared with the year before, according to the Islamic Republic of Iran Customs Administration.
The value of trade increased by 507% in rial terms, with Iran’s exports to Venezuela accounting for the lion’s share.
Iran exported $118 million worth of goods to Venezuela last year, which makes the Latin American country the 30th trade partner of Iran during the period.
Exports to Venezuela grew by 49% in terms of weight and 416% in terms of value.
The value of exports increased by 587% in rial terms.
Water tankers were the main product exported to Venezuela with $65.96 million during the year, accounting for 55.85% of total exports’ value to this country. It was followed by other motor vehicles, except for ambulances and hybrids, worth $21.53 million (accounting for 18.23% of total), components and parts of aircraft engines worth $6.25 million (5.3%) and sodium hydroxide worth $4.04 million (4.02%).
Imports from Venezuela declined by 95% in weight and 95% in value year over year during the same period.
The value of imports decreased by 70% in rial terms.
Iran’s imports from Venezuela decreased from $17 million in the fiscal 2021-22 to $815,000 in the fiscal 2022-23. Venezuela was the 58th exporter to Iran in the fiscal 2021-22, but it became the 100th exporter to Iran in the fiscal 2022-23.
Components and parts of aircraft engines was the main imported item from Venezuela with $765,483 (accounting for 93.84% of the total value of imports from this country). Components and parts of electronic integrated circuits worth $32,650 (4%), electric voice amplifiers worth $13,585 (1.67%), speakers worth $3,750 (0.46%) and electrical conductors equipped with connectors worth $269 (0.03%) came next.
Raisi Concludes Latam Tour
Raisi landed in Caracas on June 12, the first stop of a five-day visit to Venezuela, Cuba and Nicaragua. A high-ranking delegation comprising ministers of foreign affairs, oil, defense and health accompanied Raisi during the five-day tour.
The visit centered on fostering regional unity and mutual collaboration in the spheres of biotechnology, energy, medical and technical fields. It highlights Iran’s foreign policy goal of enhancing partnerships with independent Latin American nations, BNN Newsroom wrote.
During Raisi’s visit, Tehran and Caracas signed a host of agreements to boost mutual relations and announced a plan to increase bilateral trade to $20 billion.
The Iranian deputy foreign minister for economic diplomacy says the package of agreements signed between Iran and Venezuela, which have been valued at $3.6 billion, will mark a new turning point for expansion of economic and political ties between Iran and Latin American countries.
Mehdi Safari made the statement in an interview with Iran's state TV where he referred to 19 memoranda of understanding (MoUs) signed between Iran and Venezuela in the presence of their presidents.
Signing such agreements, the most important of which are in medical and engineering fields, is an indication of Iran’s serious determination to resume trade and economic cooperation with Latin American countries, Safari underlined.
Raisi said Venezuela is one of the leading destinations for Iran-made products.
While in Caracas, Raisi also visited the exhibition of achievements of Iranian knowledge-based players and private companies in Caracas. He described the Venezuelan market as the leading destination for Iranian products.
“The volume of trade exchanges between Iran and Venezuela will be increased to $10 billion in the first stage, which can be raised to $20 billion in the second stage,” Raisi said at a press conference after he met his Venezuelan counterpart, Nicolas Maduro.
Raisi noted that Tehran’s relations with Caracas are not ordinary diplomatic ties, but are of a strategic nature.
“Having common interests, positions and enemies has helped deepen cooperation between the two countries and made it strategic,” Raisi said.
The press conference was preceded by an official ceremony during which the two countries’ ministers and other top officials signed 19 cooperation agreements and memorandums of understanding.
The agreements are aimed at expanding cooperation in many areas, including in the field of petrochemicals, as the two sides move to expand cooperation in the oil sector.
The documents will also help boost bilateral cooperation in such areas as information and communication technology, energy, insurance, marine transportation, higher education, agriculture, medicine, culture and mines.
Iran has close ties with many Latin American states in different fields and seeks to deepen those relations.
Last June, Iran and Venezuela signed a 20-year partnership agreement aimed at bolstering bilateral cooperation in various fields during Maduro’s visit to Tehran.
