Iran-Russia seesaw trade yet to reach full potential
Iran exported 298,204 tons of non-oil commodities worth $143.46 million to Russia during the seven months to Oct. 22, registering a 96.32% and 63.21% growth in volume and value respectively compared with last year’s corresponding period, Islamic Republic of Iran Customs Administration announced.
This is while Iran’s imports from Russia during the same period stood at 909.328 tons worth $419.39 million, up 1.41% in volume but considerably down by 62.87% in value year-on-year.
An analysis of trade between the two sides during the past 10 Iranian fiscal years to March 21, 2017, shows two-way commercial exchanges reached their highest level of $2.26 billion in the fiscal March 2012-13. Iran exported $498.79 million worth of commodities to Russia that year while it imported $1.76 billion worth of goods.
However, trade began to go downhill after that year until it reached the lowest level of $761.78 million in March 2015-16.
The trend changed after March 2015-16 and mutual trade rose to $1.76 billion the following year (i.e. last year), rising by 131.41%, with Iran’s exports to and imports from Russia at $218.75 million and $1.54 billion, indicating an increase of 26.24% and 162.38% respectively YOY.
Given that this year’s trend in bilateral trade is continuing, total trade would reach close to $1 billion (indicating a 46% YOY decrease), meaning it would go down again after it went up last year.
According to Chairman of Iran-Russia Chamber of Commerce Asadollah Asgaroladi, Iran’s main exported goods to Russia include agricultural products, including dairy, livestock and horticultural products, cans and conserves such as pickles and jams, chocolates and biscuits, flowers, petrochemicals and some raw materials.
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