BAKU, Azerbaijan, December 23. Iran's product exports to the member states of the Eurasian Economic Union (EAEU), rose by 21 percent in value and 22 percent in volume for the first nine months of the current Iranian year (from March 20 through December 20, 2024), compared to the same period last year (from March 21 through December 21, 2023), Trend reports via Iran’s Customs Administration.
Iran exported 3.86 million tons of goods worth around $1.5 billion to the EAEU member countries in nine months.
Iran's exports were primarily directed to Russia, with 1.96 million tons, followed by 1.48 million tons to Armenia, 360,000 tons to Kazakhstan, 44,000 tons to Kyrgyzstan, and 14,000 tons to Belarus.
Moreover, Iran imported 1.63 million tons of goods valued at $1.21 billion from the EAEU member states for nine months. Compared to the same period last year, product imports saw a significant decline of 20 percent in value and 45 percent in weight. The majority of these imports came from Russia, Kazakhstan, and Belarus.
Meanwhile, the Iranian parliament approved the free trade agreement between Iran and the Eurasian Economic Union on December 22, 2024.
Note that a free trade agreement between Iran and the Eurasian Economic Union was signed on December 25, 2023, in St. Petersburg, Russia. The parliaments of six countries (Iran and EEU member states) will ratify the aforementioned agreement. It is expected that after the recently signed agreement comes into force, the trade turnover will reach $18-20 billion within 5 to 7 years.