Iran’s non-oil export to Azerbaijan up 14.5% in 10 months on year.

The value of Iran’s non-oil export to Azerbaijan increased by 14.5 percent during the first ten months of the current Iranian calendar year (March 20, 2024-January 19, 2025), as compared to the same period of time in the past year, the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade announced.

Ruhollah Latifi said that Iran exported non-oil commodities valued at $572.953 million to Azerbaijan in the ten-month period.

In late January, the 16th meeting of the Iran-Azerbaijan Joint Economic Committee was held with the participation of Iran’s Minister of Transport and Urban Development and Azerbaijan’s Deputy Prime Minister in Tehran.

The Iranian head of the committee stated: “In 2023, trade volume between the two countries amounted to $487 million, with Iran exporting $473 million to Azerbaijan and importing $14 million. Over the first 11 months of 2024, bilateral trade rose to $583 million, with Iran’s exports to Azerbaijan at $570 million and imports at $12.9 million.”

“The trade potential between our two countries exceeds these figures. A five-year roadmap should be developed to achieve a target of $10 billion in trade. In this context, I propose drafting a roadmap to resume negotiations for finalizing the preferential trade agreement, thereby expanding the volume of trade.

Source: TEHRANTIMES