Iran’s non-oil exports to Pakistan

Iran’s non-oil exports to Pakistan in the last Iranian calendar year (ended March 20, 2019) hit $1.247 billion.

This showing a considerable 36% hike as compared to the same period the year before.

 

Despite lack of banking channels between the two countries and various customs and tariff barriers, Iran’s export of non-oil products to Pakistan recorded a 36 percent growth.

 

According to the statistics released, trade exchanges of the Islamic Republic of Iran with Pakistan hit +$917 million.

 

It’s standing at the 3rd rank in terms of trade balance with neighboring countries.

 

Unlike countries of Iraq and Turkey, Iran does not export its oil and gas to Pakistan.

 

So that Pakistan stands at 2nd rank in terms of the positive balance of trade after Afghanistan.

 

Total trade volume exchanged between Iran and Pakistan in the same period hit from $1.320 billion in 2017 to $1.578 billion in 2018 ( more than 19 percent hike) .

Iran’s most favorite products in Pakistani markets:

– Packed or conserved foods

– various types of dairy and meat products

– detergents

– different carbonated soft drinks

– types of fresh fruits

– kitchen wares.

 

History

After Pakistan gained its independence in August 1947, Iran was the first country to recognize its sovereign status.

Economic and trade relations between Iran and Pakistan continued to expand in both absolute and relative terms, leading to the signing of a Free Trade Agreement between the two countries in 1999.

Both countries are founding members of the Economic Cooperation Organization (ECO).

At present, both countries are cooperating and forming alliances in a number of areas of mutual interest, such as fighting the drug trade along their common border and combating the Baluchistan insurgency along their border.

Iran has expressed an interest joining the China–Pakistan Economic Corridor.

Source

Dimotiss news

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