Non-Oil Exports
In a notable economic development, Iran has recorded a substantial surge in non-oil exports to Pakistan, reaching $1.14 billion during the initial seven months of the current year. Ruhollah Latifi, an official, shared this significant statistic and highlighted Iran’s continued economic engagement with its neighbor.
Concurrently, imports from Pakistan to Iran amounted to $352.64 million during the same seven-month period, marking a 39% decline compared to the previous year.
This latest economic data follows the announcement of an 18% increase in Iran’s non-oil exports to Pakistan in the preceding Iranian calendar year. Pakistan, ranking as Iran’s fifth-largest export market, received non-oil products valued at $1.488 billion during that period. In contrast, Iran imported non-oil goods worth $842 million from Pakistan, reflecting a substantial 170% increase from the previous year.
The geographical proximity of Iran and Pakistan, with a shared border spanning over 900 kilometers, forms the basis for an intricate web of economic, security, and transit relations. This has elevated the bilateral ties beyond mere neighborly connections to the status of strategic partners, aligning their interests at the regional level.
To further strengthen their economic cooperation, Iran and Pakistan signed a Memorandum of Understanding (MOU) in January. The MOU, signed on the sidelines of an exclusive exhibition in Karachi, focuses on fostering trade ties by facilitating the exchange of business information, supporting each other’s private sectors, and promoting the presence of trade delegations.
The commitment to deepening economic collaboration was reaffirmed with the signing of a five-year strategic plan document in Islamabad. Iranian Foreign Minister Hossein Amir Abdollahian and his Pakistani counterpart Bilawal Bhutto Zardari inked the agreement, covering trade cooperation from 2023 to 2028.
This underscores both nations’ dedication to expanding their economic partnership in the coming years. The strategic plan is expected to pave the way for increased trade, mutual investments, and strengthened economic ties between Iran and Pakistan.
