Iran – Shanghai Cooperation Organisation Trade Hits US$41 billion


Iran’s trade with Shanghai Cooperation Organization (SCO) member states has reached 52.71 million tons worth US$40.98 billion over the past 12 months, according to data released by the Islamic Republic of Iran Customs Administration (IRICA).

This shows that Iran’s trade with SCO member states, excluding crude oil exports from the country, stood at 52.71 million tons worth US$40.98 billion in fiscal 2022-23 (ended March 23), indicating a 10.26% rise in value compared with last year’s corresponding period.

China with trade worth US$30.32 billion was Iran’s main trade partner among SCO member states during the period. It was followed by India with US$4.99 billion and Russia with US$2.32 billion.

Iranian exports hit US$19.68 billion over the period, registering a 4.43% drop in value, according to the Iranian Financial Tribune. Iran exported most to China (up 1.84%), India (up 16.62%) and Pakistan (up 18.1%) as the main export destinations.

Iran is to become a full member of the SCO later in the year, while it has recently signed off a Free Trade Agreement with the Eurasian Economic Union of which Russia is the largest partner.

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