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).
The figure registered a 2.8% fall in terms of weight, but a 13.56% rise in value terms 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.