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Trade with Africa exceeds $520m in 4 Months

Trade with Africa exceeds $520m in 4 Months

Iran traded 890,287 tons of non-oil commodities worth $526.35 million with African countries during the first four months of the current Iranian calendar year (March 21-July 22), data released by the Islamic Republic of Iran Customs Administration (IRICA) showed.

South Africa with 255,471 tons worth $152.94 million, Nigeria with 129,437 tons worth $80.63 million, and Mozambique with 82,462 tons worth $57.195 million were Iran’s main African trade partners during the said period.

Iran exported 864,027 tons of goods worth $495.51 million to the African continent during the mentioned four months.

Iran’s main export destinations in Africa were South Africa with 255,101 tons worth $149.57 million, Nigeria with 129,437 tons worth $80.63 million, and Mozambique with 82,462 tons worth $57.2 million.

Iran has been seeking to expand trade ties with Africa over the past few years.

Back in June, Head of Iran’s Trade Promotion Organization (TPO) Alireza Peyman-Pak said the country was taking the necessary steps to increase annual trade exchanges with Africa 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 is 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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