MojNews-According to latest data, Iran's trade with 56 OIC member states hits $8.6b in Q1.

Iran’s trade with member states of the Organization of Islamic Cooperation (OIC) reached $8.6 billion in the first three months of the current calendar year (March 20–June 20), the head of the Islamic Republic of Iran Customs Administration (IRICA) has announced.

In an interview with an IRNA correspondent on Wednesday, Mohammad Rezvanifar stated that the trade exchanges between Iran and OIC member states in the first three months amounted to 26.7 million tons worth $15.5 billion, marking an 8 and 11 percent increase in weight and value respectively, compared to the previous year.

He added that Iran's exports to these countries totaled 21.5 million tons, amounting to $8.6 billion, reflecting a year-over-year growth of 6 and 15 percent in weight and value.

Furthermore, he noted that Iran's imports from OIC member countries stood at 5.2 million tons, worth $6.9 billion, registering a 20 and 7 percent rise in weight and value, respectively year-on-year.

The value of the trade exchanges between Iran and the other 56 member states of the Organization of Islamic Conference (OIC) reached $61 billion in the past Iranian calendar year (ended March 19, 2024), registering a 0.19 percent hike compared to a year earlier.

Rezvanifar put the volume of the trade exchanges between Iran and OIC member states from March 21, 2023, to March 19, 2024, at 94 million tons, registering a 4.22 percent decline compared to the previous year.

Iran exported $29 billion of products to these countries and imported $32 billion worth of products from them, the official added.

The deputy minister of economy went on to say that the country’s export of products to the OIC members last year registered an 11 percent decline in value while the import of products from these countries increased 13 percent compared to a year earlier.

Among the OIC member states, the United Arab Emirates (UAE), Turkey, Iraq, Pakistan, Oman, Afghanistan, Malaysia and Indonesia were Iran’s major trade partners, the IRICA chief added.

Back in May 2023, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) stressed the need for establishing a joint Islamic market among OIC members over the next 10 years.

Addressing a gathering of the heads of OIC member chambers of commerce on the sidelines of the "Russia - Islamic World: Kazan Forum 2023" in Russia, Gholam-Hossein Shafeie said: “An important issue that has been discussed a lot in the past and the organization should pay attention to it in the current situation is the creation of a common Islamic market in the next 10 years, which can be achieved by concluding a free trade agreement among Islamic countries and removing tariff and non-tariff barriers.”

“Experts have worked on the Islamic market plan, and using the experiences and studies of these experts can definitely be a way forward,” he added.

The Organization of Islamic Cooperation, which was formed in 1972, today has reached a position where, according to statistics, the future of the world's energy would be in the hands of the Organization of Islamic Cooperation, Shafeie said in his speech.