MUSCAT, MAY 26
The volume of trade exchange between the Republic of Iran and countries of the Gulf Cooperation Council reached $8.2 billion in 2021, according to a recent report published by the GCC Statistical Centre.
Imports by Iran amounted to $7.0 billion, representing a 46% increase from the previous year’s figure of $4.8 billion in 2020.
Electrical machinery and equipment made up the majority of imports (57.1%) worth $4 billion, followed by miscellaneous items worth $1.5 billion representing 21.4%.
Machinery and mechanical appliances represented 10% of imports (valued at $7 million, followed by tobacco products (5.7%) worth $4 million.
Fruits and nuts represented 2.9% of exports at $2 million, while oils and cosmetic products represented 2.9% as well at $2 million.
Furthermore, Iranian exports into the GCC amounted to $12 million, representing a 34.8% increase over the previous year’s figure of $9 million in 2020.
Stones and minerals represented 25% valuing at $3 million, while miscellaneous items also amounted to 25% at $3 million. This was followed by livestock (16.7%) worth $2 million, and fruits and nuts (16.7%) valued at $2 million.
Vegetables represented 8.3% of imports amounting to $1 million, and fish and crustaceans represented 8.3% worth $1 million.
In 2021, the Republic of Iran ranked as the 29th trading partner with member states of the Gulf Cooperation Council.
Last year, on the sidelines of His Majesty Sultan Haitham bin Tarik's visit to Iran, a Memorandum of Understanding (MOU) was signed between the Ministry of Commerce, Industry, and Investment Promotion and Iran’s Ministry of Economic Affairs and Finance to boost investment promotion and opportunities in an effort to attract Iranian investors to the Sultanate, according to an ONA report.
The key areas of focus were industry, tourism, mining, food security, and logistics.
According to an Observer report, as of May 2023, there are 1,300 wholly-owned Iranian businesses operating in the Sultanate of Oman.
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