Trade between Iran and Tanzania experiences sharp rise

2023-07-04 20:44:59
Trade between Iran and Tanzania experiences sharp rise

The Iranian ambassador, Hussein Behineh recently disclosed that compared to the 2019–20 fiscal year, Iran's imports from Tanzania grew by 35% in 2021/22.

The Iranian ambassador to Tanzania, revealed to The Citizen, a Tanzanian-based newspaper, over the weekend that Tanzania imported commodities worth $35 million, or Sh82.25 billion, during the aforementioned fiscal year.

According to him, Tanzania received items from Iran totaling $95 million (or around Sh223.25 billion) within the same time frame. In comparison to exports made between 2018 and 2020, the volume of shipments represents an increase of 15%.

He disclosed the aforementioned information during his speech at the Dar es Salaam International Trade Fair (DITF). This year's show has the topic; “Tanzania is your best destination for business and investment.”

"The volume of trade between the two countries significantly increased in 2021/22 as compared to the preceding year. This is because for many years Iranians have been considering Tanzania the gateway to East Africa,” he said.

According to him, Iran has the potential to increase exports to $2 billion, or Sh4.7 trillion, through the sale of goods including iron and steel, fertilizer, cereals, wheat, medical equipment, chemicals, and oil products.

"In the area of pharmaceuticals, Tanzania has in 2021 imported $459 million (Sh1.079 trillion) from different parts of the world, while Iran has exported $104 million (Sh244.4 billion) worth of pharmaceutical products," he said

Iran, according to the ambassador, has enormous potential in the pharmaceutical sector, and despite informal trade, there is a high chance that import and export volumes will increase.

Among the $500 million worth of items Iran was anticipated to import from Tanzania were minerals, vegetables, cereals, oil seeds, coffee, tea, fruits, iron ore, and tobacco, he said.

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