News ID: 214263
Published: 0207 GMT April 30, 2018

Iran-Russia trade gap narrowing

Iran-Russia trade gap narrowing

Iran's latest official figures show that trade gap between the Islamic Republic and Russia is narrowing as the country has increased its exports to Russia.

The balance of trade between the two countries has decreased from $1.35 billion in the year to March 19, 2017 to $457.5 million in the year which ended on March 20, 2018. However the trade balance is still in Russia's favor, reported Trend News Agency.

Despite the fact that Russia's exports to Iran flourished during the first year following the removal of the international sanctions in 2016, latest figures indicate that the trend has been sliding again.

Iran's imports from Russia witnessed sharp fall of 52.7 percent in terms of value during the last fiscal year, according to figures released by Iran Customs Administration.

The country's imports from Russia amounted to 1.373 million tons and worth $743.151 million in the 12-month period.

Russia's exports to Iran also registered a fall by 34.2 percent in the same time span, according to the data.

On the other hand, official data indicates that Iran's exports to Russia witnessed slight rise last year.

The Islamic Republic exported 540,471 tons of goods to Russia worth $285.7 million in the period, according to the data released by Tehran Chamber of Commerce.

Iran's export to Russia registered an increase by 30.6 percent in terms of value and 49 percent in terms of volume, respectively, year-on-year.

Food and agricultural products form the lion share of Iran's exports to Russia.

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