Iran and neighboring Armenia have exchanged as much as 885,719 tons of non-oil products at the worth of over $192 million in the five Iranian calendar months to late August, according to a recent report by the Islamic Republic of Iran Customs Administration (IRICA).
The IRICA report said that the figures indicate a 60% increase in terms of tonnage and a 6% rise in value terms.
It added that Armenia ranked 10th in bilateral trade with Iran among 15 neighboring countries of the Islamic Republic in the five-month period.
During a meeting in 2022, Iran’s then president Ebrahim Raisi and Prime Minister Nikol Pashinyan of Armenia agreed that the volume of trade between the two countries would increase to $1 billion in the first and to $3 billion in the next step.
Addressing the 18th meeting of the Iran-Armenia Joint Economic Commission in mid-February, Deputy Prime Minister of Armenia Mher Grigoryan said that the two neighboring countries are able to increase the volume of trade to $3 billion.
