Economy

Iran’s trade with Eurasian Union reaches $2.7bn in past 9 months

The value of Iran's foreign trade with the Eurasian Economic Union (EAEU) countries reached $2.7bn billion from the start of the Persian year (beginning on March 20, 2024), according to Foroud Asgari, the head of Iran's Customs Administration.

Speaking to IRNA, Asgari detailed the trade figures and said Iran’s exports to the EAEU amounted to approximately $1.494 billion. This represents a 20.79% increase compared to the same period last year.

He noted that the largest share of exports was directed to Russia, followed by Armenia and Kazakhstan.

The EAEU was established in 2014. The grouping consists of Russia, Kazakhstan, Belarus, Kyrgyzstan, and Armenia, with Uzbekistan, Moldova, and Cuba as observer members.
In late December, the EAEU summit in Saint Petersburg, Russia, approved Iran’s observer membership, marking a significant step in regional economic integration.
The increased trade between Iran and foreign countries comes as the Islamic Republic has been under heavy sanctions imposed by the US and other Western governments.

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