Russia’s imports from Iran surges 14% y/y in 9 months to late Dec.

Iran’s non-oil exports to Russia is still rising this year following the existing arrangement for preferential trade between Iran and a Russia-led economic bloc (Eurasia Economic Union)  and amid growing political and economic cooperation between the two countries.

News ID: 5775

Date: 14 January 2025 - 23:02

TABNAK, Jan 14: Figures by Iran’s customs office (IRICA) released on Tuesday showed that Iran’s exports to Russia had reached a total of 1.056 million metric tons (mt) worth $803 million in the nine calendar months to December 20.

Exports represented an increase of 14% in value terms compared to the same period last year, IRICA data showed.

Iran had a trade deficit of nearly $300 million with Russia in April-December as imports from the country reached 1.491 million mt worth $1.099 billion, the figures showed.

Iran’s main export item to Russia in the nine months to late December was bell pepper, according to an IRICA official who said shipments had increased by 175% in volume terms year on year.

Russia’s main export item to Iran was raw gold as the country exported some 3,595 kilograms of the metal worth $281 million to Iran over the period.

Russia and Iran have expanded their trade ties in recent years as the two countries seek to offset the impacts of Western sanctions on their economies.

Trade has also increased because of a preferential trade agreement signed between Iran and the Russia-led Eurasian Economic Union (EAEU) in 2019.

Experts believe trade between Iran and Russia will increase significantly once the EAEU finalizes a long-anticipated free trade deal with Tehran in the coming months.