Iran’s trade with Eurasia at $1.4 billion in 8 months, down 11% yoy

Iran’s non-oil trade with the Eurasian Economic Union hit $1.4 billion during the eight months to Nov. 20, 2020, indicating an 11% decline compared with the corresponding period of last year.

6 January 2021
ID : 22712
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Iran’s non-oil trade with the Eurasian Economic Union hit $1.4 billion during the eight months to Nov. 20, 2020, indicating an 11% decline compared with the corresponding period of last year. 

Non-oil trade with the EEU’s five member countries accounted for 2.8% of Iran’s total foreign trade over the period under review, Tehran Chamber of Commerce, Industries, Mines and Agriculture reported, citing data provided by the Islamic Republic of Iran Customs Administration.  

Exports to the EEU stood at 1.8 million tons worth $639 million, registering a year-on-year decline of 20% and 6% in weight and value, respectively. Imports hovered around 2.33 million tons worth $772 million, posting a 15% growth in weight but a 14% decrease in value YOY.

Exports to the EEU, in terms of value, accounted for 2.4% of Iran’s total non-oil exports during the period, indicating a 0.2% YOY growth. 

Russia and Armenia were the top export destinations among five EEU member states during the period with $285 million and $233 million respectively. Russia was also the biggest exporter to Iran among EEU states with $727 million.    

A total of 425 million tons of agricultural and food products worth $330 million were exported to the five EEU countries, which constitute 32.8% in weight and 51.6% in value of Iran’s total exports to these countries. The main agrifood export destinations were Russia with $246 million, Kazakhstan with $44.2 million and Armenia with $23.6 million.

Iran and the Eurasian Economic Union signed a three-year provisional agreement in Astana, Kazakhstan, on May 17, 2018, for the bloc to welcome Iran into the EEU. The arrangement, which lowers or abolishes customs duties, is the first step toward implementing free trade between Iran and the five members of the union. 

The average tariff set by the Eurasian Economic Union on Iranian goods as part of a preferential trade agreement stands at 3.1%, while the figure is 12.9% for EEU goods exported to Iran.

Iran and the EEU have listed 862 types of commodities in their three-year provisional trade agreement. As per the deal, Iran will enjoy easier export terms and lower customs duties on 502 items and the same goes for 360 items from the EEU member states.

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