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Iran-CIS trade assumes downward trajectory

Business Materials 22 November 2017 22:30 (UTC +04:00)

Baku, Azerbaijan, Nov. 22

By Fatih Karimov– Trend:

The growth of mutual trade between Iran and the Commonwealth of Independent States (CIS) ‎has became negative, after the business between the two sides experienced a significant improvement after removal of international sanctions against Tehran in 2016.

The CIS countires trade with Iran declined by 70 percent to $1,795 million during the first seven months of the current fiscal year(started March 20, 2017), compared to 2,561 million in the same period of the preceding year.

The CIS countries exported over 1.346 million tons of goods, worth $708 million, to Iran during the first seven months of the current Iranian fiscal year (started March 20, 2017), according to the latest statistics released by Trade Promotion Organization of Iran (TPOI).

The Islamic Republic’s imports from the CIS registered a fall by 50 percent in terms of value and 22 percent in terms of volume compared to the preceding year.

Iran’s imports from various economic regions, based on the TPOI report:

Economic organization

March 20-Oct. 22, 2017 (million USD)

March 20-Oct. 22, 2016 (million USD)

Change

OIC

7026

5871

20%

EU

5655

4186

35%

GCC

4463

3677

21%

ECO

2300

1823

26%

ASEAN

1137

810

40%

CIS

708

1425

-50%

Meanwhile during the 7-month period, Iran’s non-oil exports to the CIS reached 1.931 million tons, worth $1,088 million.

The CIS non-oil imports from Iran witnessed a fall by 32 percent in terms of volume and 4 percent in terms of value, respectively.

Iran’s non-oil exports to various economic regions, based on the TPOI report:

Economic organization

March 20-Oct. 22, 2017 (million USD)

March 20-Oct. 22, 2016 (million USD)

Change

OIC

12374

13787

-10%

GCC

4054

4493

-10%

ECO

3835

5160

-26%

CIS

1088

1136

-4%

ASEAN

1023

491

108%

EU

754

918

-18%

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