The volume of trade between Iran and the Eurasia Economic Union (EAEU) grew to over $1.6 billion in the first four months of the fiscal year (March 21-July 22), Customs data suggests.
Hossein Kakhaki, the director of International Cooperation Department of Iran Customs Administration (IRICA), said that the figure shows a 93% growth in comparison to figures from last year’s corresponding period.
Iran’s exports to EAEU member countries amounted to some $358 million in the four-month period posting a 46% growth year-on-year, the official said.
He added that Russia was the main destinations for Iranian exports to Eurasian countries, importing some $188.9 million worth of commodities from Iran in the mentioned period, followed by Armenia, Kazakhstan, Kyrgyzstan, and Belarus with 83, 53, 24, and 6.5 million dollars worth of imports from Iran respectively.
Iran also imported some $1.252 billion of goods from the union during the period under review, the official said.
He said that Russia had the biggest share of imports to Iran among the EAEU member states during the mentioned period with $1.062 billion worth of commodities to the countries.
The other member countries of the union also imported goods to Iran with Kazakhstan ($178.7 million), Belarus ($8 million), Armenia ($2.2 million) and Kyrgyzstan ($216,000), ranking second to fifth after Russia.
Head of the Exports Commission of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Jamshid Nafar said earlier this month that Iran's trade relations with member states of the Eurasian Economic Union (EAEU) will enhance economic exchanges between Iran and third countries.
He said that the Eurasian region can be considered an extraordinary target for development of Iranian export capability.
The current Preferential Trade Agreement is a good opportunity to pave the ground for free trade between the two sides, Nafar noted.
Calling for more attention to the existing level of trade between Iran and the union, he urged that the current import and export levels should be analyzed to pave the way for removal of obstacles in the way of expansion of trade ties.
The EAEU member states are able to provide the Islamic Republic with livestock and poultry feed, he said, adding that Iran can also export food products to the region, which would balance trade exchanges between the two parties.
The head of ICCIMA Export Commission went on to say that exchanges with neighboring countries is among the priorities of President Ebrahim Raisi's administration; so, the process should be speed up.
According to the official, exports to the EAEU member states will enhance Iran's trade capacity and will pave the way for having trade exchanges with third countries.