Trade with EAEU up 73% y/y in March-November: Iran
The Iranian customs administration (IRICA) says trade between the country and members of the EAEU bloc rose by 73% in value terms in March-November compared to the similar period last year.
IRICA spokesman Rouhollah Latifi said that the value of trade with the Eurasian Economic Union had reached $3.626 billion in the eight months to November 22.
Iran’s exports the five-member EAEU rose by 18% year on year in March-November to more than $763.6 million, said Latifi.
He said the value of imports from the bloc into Iran had nearly doubled over the same period to over $2.862 billion, adding that shipments imported from the EAEU had risen by 66% in volume terms year on year.
Iran signed a preferential trade agreement with the EAEU in November 2019 amid efforts by the government to diversify trade routes and to offset the impacts of American sanctions on the country’s economic exchanges with the rest of the world.
Iranian government officials have been in talks with the bloc to reach an agreement on free trade, a move that analysts say will significantly boost Iranian exports to the bloc.
IRICA figures published on Tuesday showed that trade with Russia had been responsible for a bulk of exchanges with EAEU over the March-November period as imports from the country topped $2.56 billion while exports to Russia reached $375 million.
Iran maintained a positive balance of trade with other EAEU members, namely Armenia, Kazakhstan, Kyrgyzstan and Belarus, over the eight months to late November, said Latifi, adding that Iranian exports to the four countries had amounted to over $388 million over the period.
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