BRICS-Iran Trade Soars: Annual Trade Increases 14% to $38.4 Billion

New data has shown that the BRICS nations have increased their annual trade with Iran by 14%, reaching $38.4 billion. This significant rise highlights the growing economic ties between Iran and the BRICS economic bloc, comprised of Brazil, Russia, India, China, and South Africa.

Iran's Trade with BRICS Member States Reaches Record High

According to the latest data released by the Islamic Republic of Iran Customs Administration (IRICA), Iran’s trade with BRICS member states, namely Brazil, Russia, India, China and South Africa, reached 47.99 million tons worth $38.43 billion in the fiscal year. The surge in trade, a 14% increase, underscores the importance of BRICS as a trading partner for Iran. The data from the Islamic Republic of Iran Customs Administration, which excludes crude oil exports, clearly demonstrates the strength of non-oil trade.

Key Findings from IRICA Data on Iran-BRICS Trade

TEHRAN – Islamic Republic of Iran Customs Administration (IRICA) data show that the value of Iran’s non-oil trade with BRICS group of countries, including Brazil, Russia, India, China, and South Africa, has experienced substantial growth. Iran (IMNA) reports that Iran's trade with the BRICS nations—Brazil, Russia, India, China, and South Africa—amounted to 47.99 million tons worth of $38.43 billion in the fiscal year. This increase further solidifies the economic relationship and emphasizes the potential for future growth in trade volume and value.

The $38.4 billion trade figure represents a significant milestone in the economic cooperation between Iran and the BRICS nations. The 14% increase signals a strong and growing relationship despite global economic headwinds, offering potential for even greater economic collaboration in the future.