Iran’s trade With Persian Gulf countries outstrips $35b

The latest data released by the Islamic Republic of Iran Customs Administration show that Iran traded 58.25 million tons of goods (excluding crude oil exports) worth $35.11 billion with the Persian Gulf’s six littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia, in the fiscal 2022-23, registering a 4.29% fall in terms of weight, but a 10.05% rise in value compared with the previous year’s corresponding period.

The UAE was Iran’s top trade partner among the countries under review with 24.35 million tons (up 3.71%) worth $24.16 billion (up 12.57%). It was followed by Iraq with 27.43 million tons (down 15.81%) worth $10.5 billion (up 3.84%) and Kuwait with 5.41 million tons (up 50.28%) worth $210.34 million (up 21.66%), Financial Tribune reported.

Iran’s non-oil exports to the six countries hit 44.88 million tons worth $16.35 billion during the period, to register a 1.21% decline in terms of weight, but a 15.59% increase in terms of value year-on-year.

The main export destinations were Iraq with 27.23 million tons (down 8.85%) worth $10.23 billion (up 14.82%), the UAE with 11.2 million tons (up 4.15%) worth $5.76 billion (up 17.01%) and Kuwait with 5.4 million tons (up 50.46%) worth $197.83 million (up 25.15%).

MNA/PR