Iran's trade with Africa reached $1.2 billion in 11 months: Data

2023-04-23 21:09:29
Iran's trade with Africa reached $1.2 billion in 11 months: Data

Iran and African countries traded 2.46 million tons of goods worth $1.23 billion during the 11 months from the beginning of the last Iranian year (March 21, 2022-Feb. 19, 2023), new data shows.

Data released by the Islamic Republic of Iran Customs Administration show Iran exported 2.37 million tons of goods worth $1.15 billion to the African continent during the period.

South Africa was Iran’s main trade partner in the African continent during the period, with trade between two nations worth $317.57 million.

It was followed by Mozambique with $189.17 million and Ghana with $164.65 million.

Iran is taking the necessary steps to increase annual trade with African countries to $5 billion by 2025.

How can Africa and Iran increase trade?

Experts say trade and economic cooperation between Iran and African nations are far less than the capacities and mutual interests of the two sides.

The main obstacles for trade between Iran and Africa is the lack of direct sea and air transportation infrastructures, high marketing and transportation costs.

Other reasons are a lack of banking relations, lack of information on mutual demands and capabilities and lack of political and economic stability.

002

Comments(0)
Success!
Error! Error occured!