Iran-Russia trade falls by half in first quarter – report

Iran Focus: London, Aug. 25 – Trade between Iran and Russia has fallen by half in the first quarter of the 2006 from the same period in the previous year, Russia’s news agency Interfax reported on Friday. Iran Focus

London, Aug. 25 – Trade between Iran and Russia has fallen by half in the first quarter of the 2006 from the same period in the previous year, Russia’s news agency Interfax reported on Friday.

The report quoted Russia’s Economic Development and Trade Ministry as saying that the sharp drop was due primarily to the “international situation surrounding Iran”.

“This resulted in trade between the two countries falling to $224.2 million in the first quarter of 2006 from $437.4 million in the first quarter of 2005”, the ministry said.

“It is feasible to develop cooperation with Iran because it is a big trading partner for Russia in the Middle East and is a wide sales market for Russian cars, equipment, transport resources and metal products”, it said.

Trade between the two countries had grown steadily over the past few years. It rose to $2.026 billion in 2005, including Russian exports of $1.901 billion and imports of $124.9 million. Trade stood at $661 million in 2000 and grew 45% in 2004. In 2005, it grew 5% but it fell by half in the first quarter of 2006.