Iran’s trade with member states of the Organization of Islamic Cooperation, excluding crude oil exports, reached 97.33 million tons worth $59.73 billion in the fiscal 2022-23 (ended March 20), registering a 2.8% fall in terms of weight, but a 13.56% rise in value compared with the corresponding period of last year.
Latest data released by the Islamic Republic of Iran Customs Administration also show that the UAE with 24.35 million tons (up 3.71%) worth $24.16 billion (up 12.57%) was Iran’s top trade partners among OIC member states. It was followed by Turkey with 18.16 million tons (down 6.68%) worth $13.55 billion (up 19.07%) and Iraq with 27.43 million tons (down 15.81%) worth $10.5 billion (up 3.84%).
Iran’s exports to OIC stood at 77.46 million tons worth $31.93 billion during the year, registering a 1.53% decline in terms of weight, but a 15.35% increase in terms of value.
Iraq with 27.23 million tons (down 8.85%) worth $10.23 billion (up 14.82%) was the top export destination during the period. It was followed by Turkey with 14.63 million tons (up 4.15%) worth $7.45 million (up 17.01%) and the UAE with 11.2 million tons (down 7.01%) worth $5.76 billion (up 22.53%).
Imports stood at 19.87 million tons worth $27.8 billion, registering a 7.46% decline in weight, but an 11.58% growth in value.
The UAE with 13.14 million tons (up 3.35%) worth $18.39 billion (up 11.25%) was the top exporter to Iran during the period. Turkey with 3.53 million tons (down 5.25%) worth $6.09 billion (up 15.09%) and Pakistan with 746,699 tons (up 119.5%) worth $841.81 million (up 170.05%) came next.
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 oil export) worth $52.6 billion with OIC states in the fiscal 2021-22, which was 43% higher than in the previous year.
Targeting 25% Intra-OIC Trade by 2025
OIC is the second largest organization after the United Nations.
Its Secretary-General Hissein Brahim Taha noted 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 has 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 Taha’s statement 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 June 13, 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 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.
“This becomes even more important, given the disruptions to trade caused by the Covid-19 pandemic and the global food crises caused by a cocktail of challenges,” he added.
Taha emphasized that the tourism sector represents an effective and inclusive cooperation in the appreciable expansion of intra-OIC trade.
