Economic Implications of Riyadh Cutting Ties With Tehran
Economy, Domestic Economy

Economic Implications of Riyadh Cutting Ties With Tehran

The Saudi government has cut its economic and diplomatic ties with Iran under the pretext of an attack on its Tehran Embassy. Bahrain, Sudan and Djibouti followed suit and the UAE downgraded its relations to the level of chargé d’affaires on Monday while Kuwait recalled its ambassador.
Other Persian Gulf Arab countries, including Qatar and Oman, have stayed above the fray, for the time being, but it seems that Saudis are going to rally other allies to their side.
From the economic perspective, Iran’s trade with the two African countries of Sudan and Djibouti is negligible, however, Tehran enjoys favorable ties with most Persian Gulf littoral states and any hasty decision would turn out to be a no-win situation for all, ISNA reported.

  Saudi Arabia
According to the data released by Iran Customs Administration, exports to and imports from Saudi Arabia stood at $159.07 million and $46.13 million respectively during the last Iranian year (ended March 20, 2015).
Also, the eight-month period ending November 21, 2015 saw exports worth $132.22 million and imports valued at 40.24 million to and from Saudi Arabia.

The UAE is one of Iran’s biggest trade partners. The two countries have promoted their economic exchanges in recent years. In fact, the UAE has acted as a center for reexporting goods to Iran, which indicates the neighboring country’s interest in not cutting all its ties with Iran.
Figures show that Emirati exports to Iran stood at $12.24 billion and its imports from Iran reached $4.06 billion last year.
The eight-month data reveal exports of $3.4 billion and imports of $6.78 billion to and from the Arab neighbor.
Last year saw Iran export goods worth $10 million to Bahrain, whereas it imported $328 million worth of commodities from the Arab country. Shipment of iron-ore concentrates to the tune of $280 million accounted for the lion’s share of imports from this country.
The eight-month figures show Tehran’s exports to Manama hovered around $6.3 million and its imports stood at 66.44 million.

Exports of minerals, floorings, saffron, pistachio and livestock to Qatar brought in $89 million in revenues for Iran in the last Iranian year (ended March 20,2015), whereas the import of blood products and dietary supplements from this country stood at $18 million.

Last year’s exports of commodities worth $300 million against imports worth $71 million tipped the trade balance with Oman in favor of Iran. Steel and livestock topped the list of exports to the Arab country, with which Iran has long maintained close and friendly ties.

Kuwait is one of the biggest customers of Iran’s cement and livestock. Exports to and imports from Kuwait last year stood at $194.9 million and $62.49 million respectively. Statistics for eight months ending Nov. 21 show exports worth $160.54 million and imports valued $22.23 million to the Arab country. 

Short URL : http://goo.gl/PJdcH2
  1. http://goo.gl/nUV1mW
  • http://goo.gl/S6ej4u
  • http://goo.gl/MGtILJ
  • http://goo.gl/J76MCr
  • http://goo.gl/8A7GWG

You can also read ...

US Pressuring German Firms ‘Daily’ Over Iran Sanctions
Washington’s ambassador in Berlin has been pressuring German...
Iran and the Eurasian Economic Union signed a three-year provisional agreement on May 17 for the bloc to welcome Iran into the EEU Free Trade Zone.
The Eurasian Economic Commission Council approved the roadmap...
India in Touch With All Stakeholders on Iran Sanctions
Following fresh US sanctions on Iran over its nuclear program...
Google Defends Gmail Data Privacy Policy
Alphabet Inc’s Google gave details about its policies for...
IRICA: Gold, Forex Imports Not Smuggling
The import of foreign currency does not amount to smuggling...
Arrest Over Afghan Forex Smuggling
A man has been arrested for smuggling $38,000 from Afghanistan...
Copper Concentrate Output Sees 12% Growth
Major Iranian copper producers produced 488,859 tons of copper...
Crypto Trading Continues to Decline Since CBI Ban
Cryptocurrency transactions in Iran have significantly...