Feb 23, 2021, 2:17 PM
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Iran’s trade balance with EAEU improves by $106m

Tehran, Feb 23, IRNA – Iranian trade balance with Eurasian Economic Union EAEU has improved by $106 million from March 20, 2020 to January 19, 2021 in favor of Iran, Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) said on 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 billion dollars in the 10 months of the current Iranian calendar year (started March 20, 2020), which comprises nearly three percent of whole Iranian foreign trade, showing 8.4 percent decrease in comparison to the same preceding period.

Iran exported around 2.2 million tons of non-oil goods to EAEU member states worth 824 million dollars within the 10-month period. The export declined 18 percent and four percent in terms of weight and value respectively.

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

Iran’s export to Russia and Armenia stood at 387 million dollars and 265 million dollars respectively, showing 29 percent increase and 27 decrease respectively in the 10-month period.

The volume of export of Iranian goods to Belarus and Russia increased 44 percent and 26 percent 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 Eurasian Economic Union except Armenia and Kyrgyzstan increased in terms of value.

From the total export items of Iran to five EAEU member states stood at 610 million tons of the agricultural cargos and food stuff commodities worth 458 million dollars.

The destinations of Iranian food and agricultural exports were Russia with 327 million dollars, Kazakhstan with 85 million dollars and Kyrgyzstan with 21 million dollars.

Russia exported the most amount of commodities to Iran in the 10-month period worth 901 million dollars, showing a decrease of four percent comparing the same period last year.

Despite the fact that the trade balance between EAEU and Iran stood at $132 million, the amount shows $88 million improvement, part of which is because of the increase of exports and decrease of imports from Belarus, Kazakhstan and Russia and the other part of it is due to decrease of import from Kyrgyzstan.

The Eurasian Economic Union comprises five countries including Russia, Kyrgyzstan, Belarus, Kazakhstan and Armenia, which started its work from 2015 on economic investment, macroeconomics and immigration of workforce in order to bolster free trade.

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