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Iran’s exports to SCO rose 61% in H1 fiscal year: IRICA

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian exports to SCO countries rose by 61% to $9.558 billion is the six months to September 22.

Iranian exports to countries in the Shanghai Cooperation Organization (SCO) rose by 61% in value terms in the six months to September 22.

Figures by the Iranian customs administration (IRICA) published on Thursday showed that Iranian shipments to the SCO countries had reached over $9.558 billion in value terms.

Exports to the SCO also rose by 13% in volume terms to a total of more than 22.8 million metric tons, showed the figures.

That comes as Iran expects its trade with SCO to increase significantly after the bloc started a formal process in mid-September to accept the country’s full membership.

Iran has been an observer member in the organization for years aiming it can expand its trade ties with leading members like China while also seeking to bolster relations with Russia and landlocked countries in the Central Asia region.

Both China and Russia have expressed optimism that Iran’s accession to the SCO would boost trade ties across the bloc as the country can provide unique opportunities for facilitating trade between the members and countries outside the region through its vast transportation network.

However, IRICA spokesman Rouhollah Latifi said on Thursday that exports to the SCO had been rising this year even before Iran joined the bloc.

Latifi said shipments to China had accounted for more than two thirds of all Iranian exports to the SCO as the country took delivery of $6.568 billion worth of goods from Iran over the six months to late September.

He said that the value of imports from the SCO into Iran had reached nearly $6.5 billion over the same period.

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