Iran-BRICS Trade: 14% Jump in Value to $38.43 Billion in 2022-23

Iran-BRICS Trade 14% Jump in Value to $38.43 Billion in 2022-23

Iran-BRICS Trade Sees Impressive Growth in 2022-23

The latest trade figures between Iran and BRICS nations (Brazil, Russia, India, China, and South Africa) for the year 2022-23 are in, and the results are encouraging. According to estimates from the Customs Administration, Iran’s trade with BRICS countries has witnessed a significant 14% jump in value, standing at 47.99 million tons worth $38.43 billion. This growth is particularly impressive, considering that crude oil exports were not included in these estimates.

Trading Partners: China Leads the Way

China maintained its position as Iran’s top trade partner, with a total of 35.55 million tons (an 8.71% increase) worth $30.32 billion (37.41% higher than before). This significant growth in trade between Iran and China is a testament to the strong economic ties between the two nations. Furthermore, China’s dominance in Iran-BRICS trade is expected to continue, given the country’s massive market and consumer base.

India, Russia, Brazil, and South Africa: The Rest of the BRICS Pack

Iran-BRICS trade saw significant shifts in the first half of 2023. After China, India emerged as the second-largest partner, importing 7.3 million tons worth $4.99 billion. Despite a 9.38% decrease in volume, India’s trade value surged by 46.92%. This indicates a trend towards higher-value Iran exports. Meanwhile, Russia’s trade volume fell by 17.81%, yet its value increased by 3.59% to $2.32 billion. Interestingly, Brazil and South Africa experienced contrasting trends. Brazil’s trade volume plummeted by 64.44%, with value dropping 36.76% to $466.55 million. In contrast, South Africa saw increases in both volume (9.72%) and value (23.52%), totaling $322.04 million. These fluctuations highlight the dynamic nature of Iran’s economic relationships with BRICS nations.

Iranian Exports on the Rise

Iran-BRICS trade has shown remarkable growth, particularly in exports. Iran exports surged impressively, increasing by 2.43% in weight and 4.02% in value. Consequently, the country shipped 38.73 million tons of goods worth $17.85 billion. This upward trend signals a promising future for Iran’s economy. Furthermore, it strengthens the nation’s commercial ties with BRICS countries. The robust export performance is likely to boost Iran’s economic growth significantly in the near future. Additionally, this positive trajectory in trade relations may open new opportunities for collaboration. As a result, Iran’s position in the global market could strengthen, fostering further economic development. Overall, the flourishing trade partnerships with BRICS nations paint an optimistic picture for Iran’s economic landscape.

In conclusion, the 2022-23 Iran-BRICS trade figures showcase a promising trend, with China, India, Russia, Brazil, and South Africa playing key roles in Iran’s economic growth. As Iran continues to strengthen its trade ties with these nations, it will be interesting to see how these relationships evolve in the coming years. With its exports on the rise, Iran is well-positioned to take advantage of the growing demand from BRICS nations.

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