Transactions With Muslim Countries Topped $17 Billion in Five Months

EghtesadOnline: Iran’s trade with Muslim countries stood at 34.5 million tons worth $17.1 billion during the first five months of the current fiscal year (March 21-Aug. 22), according to the spokesperson of the Islamic Republic of Iran Customs Administration.

News ID: ۷۸۷۰۴۷

20 September 2021

Exports hit 27.3 million tons worth $9.1 billion, registering a 20% and 40% growth in weight and value respectively, year-on-year.

“Iraq was the biggest export destination with $3.1 billion, followed by the UAE with $1.9 billion, Turkey with $1.1 billion and Afghanistan with $855 million. These four Muslim countries have been among Iran’s top five export destinations in the world in recent years,” Rouhollah Latifi was also quoted as saying by Mehr News Agency.

Indonesia with $458 million, Pakistan $421 million, Oman $228 million, Uzbekistan $174 million, Azerbaijan $161 million, Turkmenistan $117 million, Syria $86 million, Algeria $66 million, Kazakhstan $63 million, Qatar $58 million, Kuwait $52 million and Malaysia $42 million were the other export destinations.

Import from Muslim countries stood at 7.2 million tons worth $5.2 billion during the same period, registering a 50% and 54% YOY growth in weight and value respectively.

The UAE with $5.4 billion was the top exporter to Iran, not only among Muslim countries but also among all countries.

Turkey came next with $1.8 billion. Turkey was the third biggest exporter to Iran during the period among all countries.

Iran registered $1 billion in non-oil trade surplus in the first five months of the current fiscal year (March 21-Aug. 22), according to Mehdi Mirashrafi, director general of the Islamic Republic of Iran Customs Administration.

Iran’s total foreign trade hit 59.3 million tons worth $34 billion during the period, registering a 14% and 38% growth in weight and value respectively, year-on-year, the news portal of IRICA reported.

Non-oil exports stood at 45.5 million tons worth $17.66 billion, registering a 20% and 63% growth in weight and value respectively compared with the corresponding period of last year.

The exports mainly included methanol, natural gas, polyethylene, semi-finished iron products, iron ingots, gasoline, liquid propane, iron pipes, urea and bitumen.

Imports stood at 13.8 million tons worth $16.63 billion from March 21 to Aug. 22, registering a 5% decline in terms of weight but a 21% growth in terms of value YOY.

The top 10 imported goods and products were cellphone and smartphones, corn, soybeans, sunflower oil, barley, wheat, soymeal, palm oil, sugar and carbon electrodes.

Iran Chamber of Commerce, Industries, Mines and Agriculture was chosen in June as a member of the board of directors of the Islamic Chamber of Commerce, Industry and Agriculture for four years (2021-25).

New members of the board of directors were chosen in the 37th meeting of ICCIA, which was held online on May 20, Otaghiranonline.ir reported.

Founded in 1978, the Islamic Chamber of Commerce, Industry and Agriculture is an organization representing 56 Muslim member states, with the key objective of "promoting the role of private sector in economic activities".

ICCIA also seeks to strengthen the ethical principles in international affairs and promote the principles of Islamic economics and banking. It is a body affiliated to the Organization of Islamic Cooperation.

OIC is an international organization founded in 1969, consisting of 57 member states, including Iran, with 47 countries being Muslim majority countries.

Some, especially in West Africa, are – though with large Muslim populations – not necessarily Muslim majority countries. The organization states that it is the collective voice of the Muslim world and works to safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony.

The collective population of OIC member states is over 1.9 billion as of 2018.

Syria has been suspended from the organization since August 2012.