Increased non-oil trade between Iran, Malaysia

Kuala Lumpur, Sept 16, IRNA -The volume of non-oil trade relations between Iran and Malaysia in the first four months of this Iranian calendar year is estimated at 303,607 tons worth over $ 152 million, up from 93 percent over the same period last year in weight.

These business relationships have been examined during March 21 to July 22nd.

The report quoted statistics from the Customs Office of the Islamic Republic of Iran during which the relationship with 93.34% in terms of tonnage and 30.95% in terms of volume with a rise compared to the same period in the year before (2017).

Accordingly, Iran's exports to Malaysia amounted to over 219,000 tons worth over $ 57 million over the period, up from 26 percent in terms of weight over the same period last year.

Malaysia was the 24th destination for Iran's exports in the world during this period, and Iran's non-oil exports to South East Asian country consisted mainly of iron and steel and semi-steel products.

Malaysia's exports to Iran have also been estimated at over 84,000 tons worth over $ 94 million over this period.

Malaysia is also the 23rd country exporting goods to Iran in the first four months of this year, with major exports to Iran including palm oil, natural leather and coal electrodes.

The economic advisor to the Islamic Republic of Iran in Malaysia said earlier that Iran and Malaysia could work together to develop the industry and trade.

The economic advisor of the Islamic Republic of Iran in Malaysia said, 'The challenge in our country's international economy is Free Trade Agreement (FTA). For example, if Malaysia has been able to offer its ability at very high levels, it is due to Malaysia's free trade agreement with neighboring countries, which can easily supply all its components from neighboring countries,' he said.

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