Trade between Iran, EAEU Increases in 9 Months Yr/Yr

The value of trade between Iran and the members of the Eurasian Economic Union (EAEU) reached US$2.2 billion in the first nine months of the current Iranian calendar year (March 21 – December 21, 2021), to register 33% growth compared to the previous year’s same period, according to the data released by the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA). The TCCIMA report put the weight of Iran-EAEU trade in the mentioned nine months at over 4.9 million tons, the TCCIMA portal reported. According to the mentioned data, Iran exported 2.1 million tons of products worth US$878 million to the EAEU members in the period under review, with a 6.7% rise in value, and a 3% increase in weight. Iran’s imports from the block exceeded 2.9 million tons worth US$1.3 billion in the mentioned period, to register a 44.7% rise in value, and a 12% growth in weight, compared to the same period in the previous year.

Iran's trade balance with all Eurasian countries except Russia was positive in the mentioned period and compared to the same period last year, Iran's trade balance with Russia, Armenia, and Belarus weakened while with Kyrgyzstan and Kazakhstan the balance improved. Iran’s top exported item to the EAEU union was pistachio with US$99 million worth of exports, and the top imported commodity was Vegetable products. Iran and Eurasian Economic Union reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.

The interim agreement enabling the formation of a free trade area between Iran and the EAEU was signed on May 17, 2018, and officially came into force on October 27, 2019. Iran is a very important market in the region and the development of ties with this country is of high significance for the EAEU members (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan). The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides. The agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic's plans for boosting non-oil exports during the U.S. sanctions. - Tehran Times