TABNAK, Oct, 02: Iran and Armenia have recently announced they are trying to expand bilateral trade turnover to US$3 billion annually.
Iran’s trade with Armenia was about US$100 to US$150 million annually during 2014-2015. However, in 2017 it increased to US$232 million, showing more demands for Iranian goods and services.
The figure declined again in 2018 and 2019 due to reasons such as Covid-19 and sanctions, but it started to increase one more time especially after Azerbaijan-Armenia war in 2020. Iran’s exports to Yerevan hit US$370 million in 2022.
Nuclear reactors, hot water boilers, machinery and mechanical devices, optical equipment and devices, photography, stone, metal, weld and ash are Iran’s main imports from Armenia as it exports steel, iron, cast iron and mineral oil and fuels to Yerevan.
Armenia was the 10th top trade partner of Iran among the Islamic Republic’s neighbors in the first five months of the present year.
Moreover, The gas-for-electricity agreement between Armenia and Iran has been extended until 2030 and enables Armenia to import greater volumes of natural gas and export more electricity.
On October 1, Iran officially launched its trade center in Armenia’s capital Yerevan. More than 100 Iranian companies are represented in an area of about 18,000 square meters, where consumers and businessmen can buy Iranian goods directly from the manufacturer.
The center includes 107 exhibition booths of various sizes, a conference room for business (B2B) meetings, and an open space for holding events and festivals. The opening of the trade center will greatly contribute to increasing the level of trade between Armenia and Iran and strengthening Armenian-Iranian business ties.
