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Thursday, 16 February 2023 09:48

Iran, Africa Non-Oil Trade Booming

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The value of Iran’s non-oil export to Africa rose 19% in the first 10 months of the current Iranian calendar year, as compared to the same period of time in the past year.

 

The value of Iran’s non-oil export to Africa rose 19 percent in the first 10 months of the current Iranian calendar year (March 21, 2022-January 20, 2023), as compared to the same period of time in the past year, the vice president of Iran and Africa Merchants Club Ruhollah Latifi said.

Latifi noted that Iranian traders exported over 2,247,619 tons of commodities worth $1,108,357,000 to African countries in the mentioned 10-month period, IRIB reported.

According to the official, Iran exported commodities to 45 African countries and the exports also increased by nine percent in terms of weight.

Latifi put the total Iran-Africa trade in the said 10 months at 2.330 million tons valued at $1.188 billion, of which the share of Iran’s import was 84,280 tons valued at $79.685 million.

The trade between Iran and Africa increased by 11 percent in terms of weight and 22 percent in terms of value in the said period, Latifi said.

According to Latifi, imports from Africa increased by 70 percent and 79 percent in terms of weight and value, respectively.

The official named South Africa, Mozambique, Ghana, Sudan, Nigeria, and Kenya as the main export destinations and Tanzania, Kenya, South Africa, and Ghana as the major sources of imports for Iran among the African countries in the first 10 months of the present year.

Latifi earlier said that trade between Iran and Africa reached $1.250 billion last year with a 100 percent growth, and considering the current trend of trade with the African continent the figure is expected to reach $1.7 billion by the end of the current year (March 20, 2023).

Head of Iran’s Trade Promotion Organization (TPO) Alireza Peyman-Pak has also said the country is taking the necessary steps to increase annual trade exchanges with African countries to $5 billion by the Iranian calendar year 1404 (begins in March 2025).

Peyman-Pak said the trade with the mentioned countries is expected to reach $2.5 billion by the end of the current Iranian calendar year (March 20, 2023).

Referring to the preparation of the country’s trade development roadmap at the beginning of the work of the 13th administration, the official said: “In this roadmap, major factors including exports and the share of different sectors are specified, and in the case of Africa, the priorities and targets for trade with different countries and the requirements for reaching these targets are determined.”

Peyman-Pak put the share of African countries in Iran’s export basket at $1.2 billion, saying: “Africa’s annual imports amount to about $580 billion, and our share of this figure is still small despite all the efforts. We have managed to export $1.2 billion to this market.”

He further mentioned the capacities of the mentioned continent for the export of technical and engineering services and said: “The total exports of technical and engineering services to Africa is currently $300 billion; But our share last year, despite a slight increase reached only $200 million, which is still small.”

According to the TPO head, in order to increase the level of trade with Africa certain infrastructure including transportation and direct shipping lines, as well as proper legal, commercial, monetary, and banking relations must be provided, and TPO has been recently focusing on providing such requirements to facilitate trade with Africa.

“To solve the transportation problems, four countries have been selected in East, West, South, and North of Africa, to launch air and shipping lines,” he said.

 

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