Iran eyes to expand list of trade partners among its neighbors

Business Materials 20 November 2018 11:56 (UTC +04:00)

Baku, Azerbaijan, Nov.20

By Elnur Baghishov, Leman Zeynalova – Trend:

Iran’s export and import operations exceeded $53 billion in the first seven months of the Iranian calendar year, which began on March 21, 2018, said Farhad Noori, Director of Business Services at Trade Promotion Organization of Iran (TPO).

He noted that in total, $27 billion accounted for exports and $26 billion fell on the share of imports by Iran during the first seven months of this year.

Iran’s trade balance is positive without taking into account the oil sales, said Noori, adding that the volume of export to Afghanistan alone has increased by 24 percent as compared to the same period last year.

“We primarily focus on trade with neighboring countries. Currently, 70 percent of Iran’s exports account for five neighboring countries. If Iran manages to increase the number of those countries to nine, the share of neighboring countries in Iran’s exports will reach 80 percent. This important process has nothing to do with the sanctions and it is possible to make it real,” said Noori.

Iran’s trade strategy includes specifications for trade entries, money management, timeframes, etc. A trading strategy, if based on quantifiable specifications, can be analyzed on historical data to project the future performance of the strategy.

The goals of Iran’s trade strategy, according to TPO, include increasing the country’s stake in the international trade; proactive interaction with the global economy competition and anti-trust policies renovation of national commercial systems.