Iran-Oman Trade Sets New Record

The volume of trade between Iran and Oman has registered a record high of US$1.336 billion for the Iranian year ending March, 20, 2022. Figures pertaining to Iran-Oman trade in the one-year period shows a 53% rise year on year, according to the Iran-Oman Joint Chamber of Commerce, ifpnews.com reported. Iran’s exports to Oman stood at US$438 million in the year to March 2020, but the figure rose to US$716 million two years later, said the Iranian co-chair of the chamber of commerce. “That means a 63% growth in Iran’s exports to Oman compared to the previous year,” Mohsen Zarrabi added. He underlined that the upswing in Tehran-Muscat trade was due to increasing support for the private sector. The value of Iran’s non-oil trade exchanges in the previous Iranian year, hit a record high of US$100 billion, a deputy minister announced on April 2.

According to Iranian Deputy Economy Minister Alireza Moqaddasi, the annual value of the country’s non-oil foreign trade in the year 1400 (March 21, 2021-March 20, 2022) amounted to US$100 billion, showing a 38% increase compared to the corresponding period a year earlier. Describing the new record in the foreign trade as a result of exchange of 162 million tons of commodities with foreign countries, he said Iran exported 122 million tons of goods, worth US$48 billion, in the previous year. While the value of annual exports has risen by 41% compared with the year 1399, Iran imported more than 40 million tons of goods, worth US$52 billion, in the year that ended a week ago, mainly including basic commodities, raw materials, and machinery, noted Moqaddasi, who is also head of the Islamic Republic of Iran Customs Administration (IRICA). - Iran Daily