Iran’s exports to Persian Gulf states reached 25.01 million tons worth $8.87 billion while imports stood at 8.19 million tons worth $11.35 billion, latest data released by the IRICA showed.
Iran traded 33.2 million tons of goods (excluding crude oil exports) worth $20.22 billion with the Persian Gulf’s six littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain, and Saudi Arabia, during the first eight months of the current fiscal year (March 21-November 21), registering a 19.33% fall in terms of weight, but a 0.86% rise in terms of value respectively.
The UAE was Iran’s top trade partner among the countries under review with 15.69 million tons (up 2.51%) worth $15.16 billion (up 16.67%). It was followed by Iraq with 13.31 million tons (down 42.5%) worth $4.78 billion (down 30.04%) and Kuwait with 3.48 million tons (up 82.64%) worth $134.69 million (up 47.45%).
Iran’s non-oil exports to the six countries hit 25.01 million tons worth $8.87 billion during the period, registering a 20.92% and a 4.2% decrease in terms of weight and value YOY, respectively.
The surge in foreign trade comes in the backdrop of the President Seyed Ebrahim Rayeesi administration’s agenda to expand economic ties with countries in the region and those across the globe.
Back in October, Iran's president announced that Tehran's exports value has risen by 40 percent during the last Iranian year (ended March 20, 2022), and stated that the country has managed to defy the unlawful sanctions imposed by the US.
He reiterated that Iran is achieving success as, according to the US officials’, their maximum pressure policy on Iran has been defeated.
In mid-May, Rayeesi noted that Iran is no longer worried about its oil sales despite heavy sanctions imposed by the US.