Iran’s exports to Syria up 73% y/y in April-May: TPO
The Trade Promotion Organization of Iran (TPO) says exports from the country to Syria increased significantly in the two months to May 21.
TPO’s top official on Syria trade said on Saturday that exports to the Arab country had reached $49 million in value terms over the first two months of the current calendar year, an increase of 73% compared to the similar period in 2020.
Soheila Rassulinejad said that exports to Syria had been responsible for 8% of all shipments sent from Iran in April and May, making the Arab country the 14th largest purchaser of Iranian goods over the period.
Steam turbines accounted for a bulk of shipments exported to Syria at $30 million in value terms, said Rassulinejad, adding that Syrian customers had increased their purchases of electric wires, finished steel products and milk powder.
The value of imports from Syria to Iran topped just $2 million between late March and late May, she said.
Iran has sought to increase its trade relations with Syria in recent years as the Arab country is emerging from nearly a decade of terrorism-related violence.
TPO’s Arab and African Office estimates that trade between the two countries could reach a target of $1.5 billion in 2023 and once the economic and trade infrastructure devastated by the war in Syria is reconstructed.
Iran’s exports to Syria had reached $500 million in 2010 just before terrorist groups started to wreak havoc in the country.
Iranian authorities said in February that a direct shipping line will be launched between Iran’s southern container port of Bandar Abbas and Latakia on Syria’s Mediterranean coast to help boost bilateral trade.
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