2021-September-17 09:01
Politics
2021-September-7  17:06

Iran-UAE Trade Exchanges Hit $7.3bln in 5 Months

TEHRAN (FNA)- The value of trade exchanges between Iran and the United Arab Emirates (UAE) reached $7.3 billion in the first five months of the current Iranian year (March 21-َAugust 23), the Islamic Republic of Iran Customs Administration (IRICA) announced.

"Trade between Iran and the UAE had increased by 54 percent in value and by 24% in volume in the first five months of the current  Iranian year," IRICA Spokesman Rouhollah Latifi said.

Latifi said Iran’s exports into the UAE between March and July had comprised mostly of agrifood, including dried nuts, fruit and seafood.

He said exports into the UAE had surged by 23% year on year to $1.912 billion, adding that shipments sent to the Arab country were responsible for 11% of Iran’s total exports over the five-month period.

The IRICA official said trade between Iran and the UAE is expected to increase by around a fifth in the calendar year to March 2022 to nearly $17.5 billion.

Iran has seen increased trade activity with neighboring countries since the US imposed its sanctions on the country in 2018 after pulling out of an international deal on Tehran's nuclear program.

The Iranian government has introduced measures to encourage exports of agrifood and manufactured products as it seeks to offset revenues losses suffered because of American sanctions on its crude sales.