361 Million Dollar Exports in Five Months; Iran's Share of the Russian Market is 'Half a Percent'

Iran's customs statistics show that in the first five months of the year 1402 (2023), Iran exported 361 million dollars worth of goods to Russia, indicating Iran's share of less than half a percent of Russia's imports. "Ninety Economic" reported that Iran's less than half a percent share of the Russian market comes at a time when in the last two years, China's exports to Russia have increased from 40.8 billion dollars in the first eight months of 2021 to about 72 billion dollars in the first eight months of 2023. Additionally, Turkey's exports to Russia have risen from 3 billion dollars in the first seven months of 2021 to 6.6 billion dollars in the first seven months of 2023. Iran's negligible share of the Russian market indicates that Russians do not have much interest in Iranian goods and prefer Turkey over Iran in their foreign trade. This data has been released while the government of Ebrahim Raisi has emphasized the importance of developing trade relations with Russia. For example, the government information base reported on December 9, 1401 (2022) that "the Iran-Russia Business Council will start today." Earlier, the state newspaper Iran reported on April 20, 1401 (2022) that negotiations between Iranian and Russian parties would soon lead to a contract, allowing for targeted and planned exports to Russia. According to the Iran newspaper's forecast, after the exit of companies from Russia and the need for imports that this country has, Iranian traders were expected to play a significant role in increasing Iran's share of the Russian market. The ISNA news agency also reported on the trade trend between Iran and Russia on June 7 this year, stating that according to official statistics, Iran's exports to Russia experienced about a 30 percent increase compared to the year 1400 (2021), with agricultural products prominently featured in the list of purchases by Russians from Iran. The Islamic Republic's ambassador to the Russian Federation also confirmed ISNA's published statistics on August 22 this year, stating that "Iran's exports to Russia in the year 1401 (2022) increased by about 30 percent compared to the year 1400 (2021), and this growth rate has been maintained in the first four months of this year." Hadi Tizhoosh Tabaan, the head of the Iran-Russia Joint Chamber, also announced in an interview with the Iran newspaper on May 20 this year that there was a "target of 40 billion dollars in exports to Russia."