Iran reports major jump in exports to Saudi Arabia amid rapprochement
The Iranian customs office (IRICA) has reported a major rise in exports to Saudi Arabia with a recent shipment of steel that generated over $14 million in revenues as it expects exports to grow further with a political rapprochement between the two countries.
IRICA figures published in a Saturday report by the IRIB News showed that Iranian exports to Saudi Arabia had reached nearly $15 million in the nine months to October last year, up from only $42,000 reported over the same period in 2021.
IRICA said that the figure was the highest recorded in bilateral trade between Iran and Saudi Arabia since the two countries cut diplomatic ties in 2016.
It said, however, that resumption of efforts by Iraq to mediate a rapprochement between Iran and Saudi Arabia has helped ease the situation between the two countries while allowing bilateral trade to grow.
Diplomats from Iran and Saudi Arabia have attended six rounds of talks in the Iraqi capital of Baghdad since 2021. That comes as foreign ministers of the two countries also met on the sidelines of a regional conference in Jordan last month in a bid to expedite efforts to restore diplomatic ties between the two influential Muslim nations.
IRICA figures showed that Iranian exports to Saudi Arabia had jumped over the past 40 days with a major steel shipment worth $14.207 million.
It said that iron and steel ingots had accounted for 96.5% of all Iranian exports to Saudi Arabia between March and October last year.
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