Iran’s exports to Pakistan surge by 13% in 2023

TEHRAN: The latest data from the Pakistan Ministry of Commerce reveals a significant uptick in Iran’s annual exports to Pakistan, recording a 13 per cent increase in 2023 compared to the previous year.

According to the figures released by the Ministry, Iran exported non-oil commodities amounting to $944 million to Pakistan in the past year, marking a notable rise from the $834 million recorded in 2022. In a reciprocal fashion, Iran also saw an increase in imports from Pakistan, with the value reaching $155 million during the same period, reflecting a $134 million surge compared to 2022.

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The surge in Iran’s non-oil exports to Pakistan showcases an 18 per cent growth in the previous Iranian calendar year, which concluded on March 20, 2023. Notably, Pakistan emerged as Iran’s fifth-largest export market during this period, importing non-oil products totaling $1.488 billion.

Conversely, Iran imported non-oil goods valued at $842 million from Pakistan in the same year, marking an impressive 170 per cent increase from the preceding year.

The economic ties between Iran and Pakistan have been further strengthened by the intertwining of economic, security, and transit relations, elevating their partnership to a strategic level with shared interests in the regional context.

The extensive 900-kilometer joint border between the two nations has fostered closer collaboration, particularly in areas such as transit corridors and bilateral trade. Recognizing the potential for enhanced cooperation, Iran and Pakistan signed a Memorandum of Understanding (MOU) in mid-January 2023, aimed at facilitating and bolstering bilateral trade.

The MOU, inked by the former Head of Iran’s Trade Promotion Organization, Alireza Peyman-Pak, and the Head of the Trade Development Authority of Pakistan, Muhammad Zubair Motiwala, underscores the commitment of both nations to exchange business information, support their private sectors, and facilitate the presence of trade delegations in each other’s countries.

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Speaking at the signing ceremony, Peyman-Pak highlighted the determination of both sides to overcome obstacles hindering bilateral trade, expressing optimism that events such as exclusive exhibitions, exchange of trade delegations, and investment in joint production units would pave the way for continued cooperation between the two countries.