Iran (IMNA) - The total value of non-oil trade with neighbors reached $26.857 billion in the five months to August 21.
The data showed that trade with neighbors rose by 10% in volume terms, reaching $43.579 million metric tons over the period. The United Arab Emirates (UAE) was Iran's largest trade partner among neighbors, with $11 billion worth of shipments recorded in the April-August period, followed by Turkey at $6 billion and Iraq at $4.8 billion.
Pakistan and Russia also saw significant trade volumes, with $1.1 billion and $0.969 billion worth of shipments, respectively, over the five months to late August. Iran had a trade surplus of $3.941 billion with the 15 neighboring countries in April-August, with exports rising 19% compared to the same period last year to reach $13.402 billion.
Iraq, the UAE, and Turkey accounted for the bulk of purchases of Iranian commodities and products over the five months to late August. The close economic and trade relations between Iran and its neighboring countries have helped generate more hard currency revenues for Iran amid decreased oil exports and restrictions on the country's access to the international banking system.
Experts predict that trade between Iran and Russia will increase significantly once Iran enters a free-trade arrangement with a Russia-led economic bloc in the Eurasia region in the coming months.
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