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Recent data from the Islamic Republic of Iran Customs Administration (IRICA) indicates a shift in Iran’s foreign trade, with total trade reaching $5.798 billion and 10.756 million metric tons in shipments as of April 20. Compared to April 2024, there was a 3% decline in trade value and a 12% drop in volume. Exports rose by 8% to $2.942 billion, while imports fell by 2.3% to $2.856 billion, contributing to a significant trade deficit of $14.6 billion. Notably, non-oil exports, especially petrochemicals, showed strength, even amid overall economic challenges. The surge in gold imports reached $583 million in April.
In a recent interview, Rasoul Mosayyebi, CEO of the Iran Trade Center in Russia, discussed the potential for increasing bilateral trade between Iran and Russia, which has historically been low. He noted that Iran’s exports to Russia surged to about $2.7 billion in 2023, despite sanctions. The Iranian government and the Trade Promotion Organization of Iran are working to strengthen trade ties. A Comprehensive 25-Year Strategic Partnership Agreement, starting May 15, 2025, aims to eliminate customs tariffs, enhancing trade prospects. Mosayyebi predicts that Iran’s exports to Russia could reach $10 billion after a year of the agreement’s implementation.
In 2023, trade between Iran and Germany surged to €1.45 billion, reflecting strengthened economic ties, particularly in industrial equipment and machinery. In 2024, Germany’s exports to Iran reached €1.28 billion, a 6% increase from the previous year, with December alone seeing €134 million in trade, a 1% growth. Key exports included industrial equipment (€520 million), machinery, and automotive parts. Factors driving this growth include enhanced economic cooperation, a diverse product range, and strategic partnerships. As relations evolve, both nations are likely to pursue further collaboration, aiming to expand trade opportunities and support Iran’s industrial development.
Iraqi naval forces recently seized a vessel in the Persian Gulf suspected of fuel smuggling, detaining its Iranian captain and ten crew members from India and Iraq. The operation highlights the persistent issue of fuel smuggling in the region, where heavily subsidized fuel is sold on the black market. The vessel was intercepted in Iraqi waters and taken to the Umm Qasr naval base for investigation. Fuel smuggling is rampant, with Iranian officials estimating 20 to 30 million liters smuggled daily. This seizure underscores the need for collaboration between Iraqi and Iranian authorities to combat illegal activities affecting regional stability and economic health.
Iran and Russia have reached a pivotal agreement on the Rasht-Astara railway project during President Masoud Pezeshkian’s visit to Moscow, with plans to finalize the executive agreement by March 2025. The discussions, led by Pezeshkian and President Vladimir Putin, highlight the railway’s role in enhancing trade and connectivity between the two countries. The project, initially formalized in May 2023, is already underway with weekly coordination meetings between the Iranian and Russian transport ministers. Additionally, progress is being made on a Russian gas transfer deal to Iran, further strengthening their economic partnership.