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Iran's trade turnover with Eurasian Economic Union announced

Business Materials 5 April 2020 11:13 (UTC +04:00)
Iran's trade turnover with Eurasian Economic Union announced

BAKU, Azerbaijan, April 5

By Elnur Baghishov - Trend

Iran's trade turnover with the Eurasian Economic Union exceeded $1.48 billion in about five months during (October 27, 2019 to March 24, 2020), said Spokesman for Iran's Customs Administration Rouhollah Latifi, Trend reports with reference to Islamic Republic of Iran Customs Administration (IRICA).

According to Latifi, about 67 percent of trade turnover accounts for imports and 33 percent for exports.

Latifi added that Iran exported 1.15 million tons of products worth $489.9 million to Eurasian Economic Union member states during the reporting period.

"During this period, Iran imported 2.9 million tons of products worth $999 million from EAEU member countries," he said.

The official said that among the member states of the union, Russia accounted for major part of Iran's exports. Around 481,600 tons of products worth $248 million were exported from Iran to this country, which accounts for more than 50 percent of Iran's exports to the Eurasian Economic Union.

Latifi said that Iran imported 2.7 million tons of products worth $713 million from Russia. This accounts for more than 71.4 percent of Iran's imports from Eurasian Economic Union. Russia is followed by Kazakhstan with 24.9 percent and Belarus with 2.3 percent.

"Iran's main exports to the Eurasian Economic Union were apples, pistachios, liquefied petroleum gas, kiwi and cucumbers. And in return, Iran's main imports from Eurasian Economic Union were barley, corn feed, raisins, sunflower seed oil and meat ,” he said.

According to the official, 46 percent of Iran's exports to EAEU member states were pistachios, 27 percent kiwis and 10 percent raisins.

At the same time, 45 percent of Iran's imports from these countries were barley, 26 percent corn feed and 17 percent sunflower seed oil.

A temporary trade memorandum was signed between Iran and the EAEU on October 27, 2019. In accordance with the memorandum, 862 kinds of products will be imported and exported upon preferential tariffs between the two sides.

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