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Iran expects trade with Oman to increase by 50% in year to March 2023

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)
Iran expects trade with Oman will increase by nearly 50% in the calendar year to March 2023.

Iran’s trade with Oman is expected to increase by nearly 50% in value terms in the calendar year to late March 2023, says a businessman watching over trade between the two countries, amid efforts by the two neighbors to deepen their economic ties.

Mohsen Zarrabi, who chairs the Iran-Oman Joint Chamber of Commerce, said on Wednesday that trade between Iran and Oman will hit a target of $2 billion at the end of the current calendar year, up from $1.336 billion reported for the year to March this year.

Zarrabi said Iranian exports to Oman are expected to reach $1.2 billion over the same period.

He added that exports to Oman had increased by 28% year on year over April and June to stand at $203 million while Iran’s imports from the Arab country had surged by 187% over the same period to reach $128 billion.

The businessman announced the figures during a meeting with Oman’s ambassador to Tehran Ibrahim bin Ahmad bin Mohammad al-Moeini.

During the meeting, al-Moeini described as promising the bilateral trade between Iran and Oman considering the figures for the past two months.

He expressed hope the two countries can maintain the rising trend in exports and imports over the next months.  

A senior trade delegation from Iran traveled to Oman in mid-May to discuss bilateral trade ties just before Iranian President Ebrahim Raeisi traveled to the Sultanate for an official visit.

The delegation led by Iranian deputy trade minister Alireza Peymanpak consisted of representatives from 30 Iranian companies as well as officials from Iran’s ports authority and the country’s Export Guarantee Fund.

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