Iran Exports to OIC Member States Rises 22%

The value of Iran’s exports to the members of the Organization of Islamic Conference (OIC) increased by 22% in the first seven months of the current Iranian calendar year (March 20-October 21), the Islamic Republic of Iran Customs Administration (IRICA) announced.

According to the IRICA, Iran exported 50.6 million tons of non-oil goods worth US$20.364 billion to OIC member countries in the first seven months of the current Iranian year, IRNA reported.

IRICA report added that the country’s exports to OIC members registered a 15% increase in terms of weight in the mentioned period.

During the period under review, the import of products from the mentioned countries also increased by 14% and 21% in terms of value and weight, respectively.

Iran imported 12.4 million tons of commodities worth US$20.356 billion from OIC members in the mentioned period.

Iran's total trade exchanges with the aforementioned countries in the seven months of this year were 63 million tons worth US$40.7 billion, according to the IRICA.

In May 2023, the former head of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) stressed the need to establish a joint Islamic market among OIC members over the next 10 years.

Addressing a gathering of the heads of OIC member chambers of commerce on the sidelines of the "Russia - Islamic World: Kazan Forum 2023" in Russia, Gholam-Hossein Shafeie said: “An important issue that has been discussed a lot in the past and the organization should pay attention to it in the current situation is the creation of a common Islamic market in the next 10 years, which can be achieved by concluding a free trade agreement among Islamic countries and removing tariff and non-tariff barriers.”

“Experts have worked on the Islamic market plan, and using the experiences and studies of these experts can be a way forward,” he added.

The Organization of Islamic Cooperation, which was formed in 1972, today has reached a position where, according to statistics, the future of the world's energy would be in the hands of the Organization of Islamic Cooperation, Shafeie said in his speech. - Tehran Times