Iran posts $4.212bn trade surplus with neighbors for year to March
Figures by the Iranian customs office (IRICA) show the country’s balance of trade with neighbors was positive at $4.212 billion in the calendar year to late March.
IRICA spokesman Rouhollah Latifi said on Wednesday that total trade with 15 countries with whom Iran shares land or sea border had topped $36.502 billion in value terms in the year to March 20 with exports reaching $20.357 billion.
Shipments reached over 82.5 million metric tons in volume terms over the period, said Latifi, adding that trade with neighbors was responsible for 58% of the value and 60% of the volume of the entire foreign trade last calendar year.
Iraq was the top export destination with over $7.4 billion worth of shipments sent from Iran to the Arab country while Bahrain was down on the list at only $8.4 million, showed IRICA figures.
Shipments sent to the United Arab Emirates exceeded $4.6 billion while Turkey took delivery of over $2.5 billion just above Afghanistan at $2.38 billion, said Latifi.
The UAE topped the list of exporters to Iran with over $9.75 billion worth of cargoes sent to the northern neighbor over the year to March followed by Turkey at $4.4 billion and Russia at over $1.7 billion, he said.
IRICA has posted a $4.14 billion deficit for Iran’s foreign trade for the past calendar year as total trade reached $72.656 billion in late March.
Encouraging trade with neighbors has been a key part of Iran’s efforts to diversify the economy away from crude revenues as the country seeks to offset the impacts of US sanctions on its oil exports.
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