Trade exchange between Iran, SCO member states reaches nearly $39 bn

By Al Mayadeen English
Source: Agencies
11 Mar 2023 22:18

In the first 11 months of Iran's fiscal year of 1401, trade in goods with member countries of the Shanghai Cooperation Organization (SCO) amounted to almost $39 billion.

Cargo ships seen between Iranian city port of Bandar Abbas and Qeshm island in the strategic water way of the Gulf, on Friday, Dec. 23, 2011 (AP Photo/Vahid Salemi)

Iranian official sources reported on Saturday that trade turnout with members of the Shanghai Cooperation Organization increased by 3% in weight and 18% in value.

The data excludes crude oil exports that had reached $38.8 billion in the first 11 months of the Iranian calendar.

Between March 21, 2022, and February 19, 2023, over 50.6 million tons of goods worth $38.8 billion were traded between Iran and members of the Shanghai Cooperation Organization (SCO).

According to Rouhollah Latifi, Member of the International Relations and Trade Development Commission of Iran Industry, Mine and Trade House, more than 41.7 million tons of goods worth $19.6 billion were exported to SCO's member states in the past 11 months of the Iranian calendar, corresponding to an increase by 2% in weight and 6.4% in value in comparison to the previous year.

Latifi added that the import turnout from SCO member states is recorded at 8.9 million tons of goods, valued at $19.2 billion, showing a 7.7% and 33.4% increase in weight and value respectively.

Overall, the trade volume between Iran and the SCO has increased by 18.3% compared to the last year’s corresponding period.

Among top traders include China with a trade turnover of $13.5 billion, followed by India with $1.9 billion, Afghanistan with $1.4 billion, Pakistan with $1.3 billion, and Russia with $673 million. These are the first five export destinations for Iranian goods during the specified period, Latifi noted.

Iran has managed to grow its economy despite Western-led sanctions for the past 44 years. It has become self-sufficient and increased its GDP by turning to the East. It's a member of SCO, the EAEC, and is also part of the North/South transit corridor.

In March 2022, Iran and the organization started a formal process for Tehran's accession to the block. A few months later in September, Iran signed a memorandum of commitment to join the SCO. The Iranian parliament then approved the country's accession to the organization.

Iran's membership is expected to be completed during the SCO's next summit, which is scheduled to take place in New Delhi, India in April.