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Wednesday 24 February 2021

Iran’s Trade Balance with the EAEU Improved

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TEHRAN (IRNA) — Iran’s trade balance with the Eurasian Economic Union (EAEU) improved slightly by $88 mln between March 20, 2020 and January 19, 2021 in favour of Iran, the Tehran Chamber of Commerce, Industry, Mines and Agriculture (TCCIMA) said Tuesday.

Tehran Chamber of Commerce released a report on the value of trade with the EAEU member states, noting that the trade ties excluding oil transit stood at $1.8 bln in the 10 months of the current Iranian calendar year (started March 20, 2020), which comprises nearly 3% of whole Iranian foreign trade, showing nevertheless 8.4% decrease in comparison to the same preceding period.

Iran exported around 2.2 mln tons of non-oil goods to EAEU member states worth $824 mln within the 10-month period. The export declined 18%t and 4% in terms of weight and value respectively.

Iran imported around 2.7 mln tons of commodities from EAEU member states worth $956 mln within the same period this year, which shows 7%% growth in terms of weight and 12% decrease in terms of value.

Iran’s export to Russia and Armenia stood at $387 mln and $265 mln respectively, showing 29% increase and 27% respectively in the 10-month period.

The volume of export of Iranian goods to Belarus and Russia increased 44% and 26% respectively during the same period, but its export to Armenia, Kyrgyzstan and Kazakhstan decreased in terms of weight. The Iranian export to member states of the EAEU except Armenia and Kyrgyzstan increased in terms of value.

From the total export items of Iran to five EAEU member states stood at 610 mln tons of the agricultural cargos and food stuff commodities worth $458 mln. Their destinations were Russia with $327 mln, Kazakhstan with $85 mln and Kyrgyzstan with $21 mln.

Russia exported the most amount of commodities to Iran in the 10-month period worth $901 mln, showing a decrease of 4% comparing the same period last year.

Although the trade deficit between the EAEU and Iran amounted to $132 mln, it nevertheless improved by $88 mln, partly due to the increase in exports, but mainly to the decrease in imports from Belarus, Kazakhstan and Russia, and secondarily from Kyrgyzstan.

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