Trade between Iran and Malaysia during the first two months of 2016 stood at about $101 million, which indicates a 27.8% increase compared with last year’s corresponding figure, the Malaysian minister of international trade and industry said. Mustapa Mohamed also told IRNA in Kuala Lumpur, “In February, the two countries exchanged $54 million worth of commodities–53.6% more than the figure for the same month of last year. The increase in bilateral ties results from the lifting of sanctions against Iran in mid-January, which is estimated to be followed by an increase in demand for goods and services in that country.” According to the minister, total trade value between the two counties in 2015 amounted to around $517 million, with exports from Iran accounting for $35 million of the sum. Palm oil and its byproducts, chemical and caoutchouc products, machinery and processed food are among Malaysia’s main exports to Iran.
