Iran's Non-Oil Exports to Africa Show Promising Growth in First Month of current Year

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(MENAFN^[1]) In the initial month of the current Iranian calendar year (March 21 to April 20), Iran witnessed a positive trend in its exports to African countries. Ruhollah Latifi, the vice president of Iran and Africa Merchants Club, revealed that a total of 71,087 tons of non-oil products, valued at USD31,481,234, were exported to various African nations during this period. Steel and iron products constituted the largest share, accounting for 51.5 percent of Iran's exports to its 23 African trade partners.

Among the exports, Iran shipped 29,602 tons of iron products worth USD16,201,162 to Africa. Additionally, a range of other goods including urea fertilizer, food products, bitumen, chemical and plastic products, industrial machinery, flooring, sulfur, motorcycle tires, bentonite, white cement, plaster, medicine, toys, and glass containers were also exported to the African continent.

On the other hand, Iran imported 4,329 tons of goods worth USD5,879,482 from nine African countries during the same period, registering a significant growth of 98 percent compared to the previous year. The main export destinations for Iranian products were identified as Ghana, South Africa, Tanzania, Kenya, and Sudan, while South Africa, Congo, Ghana, Kenya, and Tanzania were the top five countries exporting goods to Iran.

Overall, the trade volume between Iran and Africa reached 75,407 tons of commodities valued at USD37.36 million during the first month of the year. These figures highlight the growing importance of Africa as a trading partner for Iran, showcasing the country's efforts to diversify its export markets and establish stronger economic ties with African nations.

Ruhollah Latifi, emphasizing Iran's commitment to multilateralism and exploration of new markets, particularly in Asia and Africa, highlighted the consistent growth in Iran's business relations with African countries. This positive trend in trade between Iran and Africa signifies the potential for further expansion and mutually beneficial partnerships in the future.

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References

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