Iran, Russia record 24% growth in bilateral trade

Iran exported $333.7 million worth of commodities to Russia from January to July, down 6.2% year-on-year, while Russia’s exports to Iran totaled $999.3 million, up by 39.9% YOY.

14 September 2019
ID : 22209
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Iran’s commercial exchanges with Russia amounted to $1.33 billion in the first seven months of 2019, indicating a 24.6% rise compared with the corresponding period of 2018, according to the Federal Customs Service of Russia, Financial Tribune reports. 

Iran exported $333.7 million worth of commodities to Russia from January to July, down 6.2% year-on-year, Russian news agency Sputnik reported.

Russia’s exports to Iran totaled $999.3 million, up by 39.9% YOY.

Iran’s share in Russia's foreign trade during the period rose to 0.4% from 0.3% in the corresponding period of last year.

Russia, India Pledge to Continue Economic Coop. With Iran
Russia and India will continue their trade and economic cooperation with Iran, which they qualify as mutually beneficial and legitimate, according to a joint statement after the Russian-Indian summit earlier this month.

"The sides acknowledge the importance of full and efficient implementation of the Joint Comprehensive Plan of Action on the Iranian nuclear program for ensuring regional and international peace, security and stability. They confirm full commitment to Resolution 2231 of the UN Security Council," the statement read.

Russia and India maintain that the crisis must be resolved peacefully. Therefore, both countries have expressed determination to continue legitimate trade and economic cooperation with Tehran.

According to the joint declaration, Russia and India would continue promoting trade in national currencies.

"Work will continue to promote a system of mutual transactions in national currencies," they said.

The summit was held in Russia's Vladivostok, which was hosting the Eastern Economic Forum. Rossiya Segodnya International Information Agency was an official media partner of the event.

Grain Trading
Iran’s private sector representatives and members of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) recently held a meeting with a visiting Russian delegation from the Chamber of Commerce and Industry of the Republic of North Ossetia–Alania to discuss expansion of grain trade between Iran and Russia.

The meeting was held at TCCIM headquarters, the chamber’s website reported.

The Russian delegation, headed by CCI President Kazbek Tuganov, was accompanied by managing directors of several local companies active in the field of grain production.

Agricultural, food and livestock products accounted for 74% of Iran's overall exports to Russia in 2018. These products accounted for 65% of Russia's total exports to Iran.

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