Weekly BRICS Update: Key Highlights and Insights You Can’t Miss!

In a significant development, Iran’s foreign trade has experienced a remarkable increase of 11% over the last year, culminating in a total trade volume of US$130 billion. This update was shared by Iran’s Minister of Industry, Mines, and Trade, Seyyed Mohammad Atabak, during the inauguration of the Seventh Export Potential Exhibition in Tehran. The growth signifies Iran’s commitment to expanding its foreign economic relations.

According to the Minister’s remarks, the nation has been actively working on enhancing its trade links globally. Some key highlights from the recent report include:

• Volume of Non-Resource Exports: Last year, Iran’s non-resource exports reached 152 million tonnes, valued at approximately US$57.8 billion.
• Trade Balance: The trade balance, excluding gold imports, has turned positive, reflecting a healthier economic state.
• Future Plans: The leadership aims to increase non-resource exports by over 23% annually, with a keen focus on new markets in Africa, as well as Western, Southern, and Southeast Asia.

These developments underscore Iran’s ongoing efforts to diversify its trading partners and strengthen its economic standing in the global market.

In another noteworthy achievement, Iran has successfully penetrated the South American market with its polymer exports for the first time. This milestone has been a product of over a decade of strategic planning and effort. According to reports from Mehr News Agency, a close partner of TV BRICS, the Iranian government began to explore the potential for exporting polymer products to South American nations as early as 2011. However, it wasn’t until 2024 that these products finally made it to the region.

Prior to this, Iran had only been able to export chemical fertilizers to South America. The shift towards exporting polymers is significant as it is expected to enhance profit margins for Iranian petrochemical exports. Key marketing campaigns for various petrochemical products, including polymers, have already begun targeting countries such as Brazil and Argentina.

Following years of groundwork, the successful shipment of polymer products to South America marks a pivotal moment for Iran’s petrochemical sector. In recent years, this industry has seen substantial advancements, particularly in the production of polymers like polyethylene, which have started to gain traction in international markets.

In a separate but related context, the United Nations, along with several world leaders, expressed condolences following a tragic explosion at Iran’s Shahid Rajaee Port. UN spokesperson Stephane Dujarric conveyed the organization’s solidarity with Iran during this challenging time. In addition, Russian President Vladimir Putin sent a heartfelt telegram to Iranian leader Ayatollah Ali Khamenei and Masoud Pezeshkian, offering his support in dealing with the aftermath of the incident.

Chinese Foreign Ministry spokesman Guo Jiakun also extended sincere condolences to the Iranian government and emphasized the country’s willingness to assist during this difficult period. Moreover, Cuban Foreign Minister Bruno Rodriguez Parrilla expressed his support for the Iranian people and wished a swift recovery to those injured in the blast.

Belarus’ President Aleksander Lukashenko also shared his sorrow over the tragic news, conveying messages of support to the families affected by the incident. These expressions of sympathy illustrate the international community’s concern and support for Iran during these trying times.

Overall, Iran’s recent advancements in foreign trade and exports reflect a strategic push toward economic resilience, despite facing challenges from various fronts. The country’s efforts to increase its non-resource exports and enter new markets, such as South America, signify a broader ambition to enhance its global economic footprint.

As Iran continues to navigate its economic landscape, it will be essential for the nation to maintain its focus on strengthening relationships with existing partners and exploring new opportunities for growth and development.