Iran-Russia trade reaches $1.9b in 9 months

TEHRAN – Iran’s Customs Administration (IRICA) has reported that non-oil trade between Iran and Russia reached 3.447 million tons of goods, valued at $1.902 billion, during the first nine months of the current Iranian year (March 20- December 20, 2024), IRIB reported.

Iran’s exports to Russia totaled 1.056 million tons worth $803 million, marking a 14 percent increase compared to the same period last year. Imports from Russia stood at 1.491 million tons, valued at $1.099 billion.

The spokesperson for the Trade Development Commission of the Iranian Chamber of Commerce highlighted bell peppers as Iran’s leading export to Russia during this period, with a 175 percent increase in weight compared to last year.

On the import side, Iran’s largest import from Russia was raw gold, totaling 3,595 kilograms and valued at $281 million.

In recent years, Iran and Russia have been steadily increasing their trade across the Caspian Sea, involving goods such as building materials, timber, fertilizers, and more recently, arms. Hundreds of Iranian companies now have a foothold in the Russian port of Astrakhan, north of the Caspian Sea.

Furthermore, Russia and Iran are working on infrastructure projects to enhance trade routes. According to an intergovernmental agreement signed with Iran in May 2023, Russia will allocate an interstate loan of 1.3 billion euros for the construction of the Rasht-Astara railway, a key segment in the International North-South Transport Corridor (INSTC). This project aims to connect Russia to India via Iran and Azerbaijan, offering a shorter and more efficient trade route.

These developments reflect a deepening economic partnership between Iran and Russia, with both nations seeking to strengthen their trade ties and reduce reliance on Western markets amid geopolitical tensions.

EF/