New figures: Iran-Saudi trade sees astonishing 6,483% growth

According to Iran’s Customs Administration, the country’s total non-oil commerce with 15 neighboring nations reached $74.3 billion last year, representing a 21% increase compared to 2023. Trade volume grew to 112.8 million metric tons, up 16% year-on-year.

The United Arab Emirates remained Iran’s largest regional trading partner at 29.2billion, followed by Turkey (19.4 billion) and Iraq (12.5billion).

But the standout story was the resurgence of trade with Saudi Arabia, which reached 12.5 billion – a symbolic but significant jump from nearly zero the previous year.

“This explosive growth reflects the new economic realities following the restoration of diplomatic relations,” said the customs administration chief in a statement accompanying the data release.

The figures offer the first comprehensive look at how the China-brokered détente between Tehran and Riyadh is translating into commercial ties.

After severing relations in 2016, the regional powers agreed to reestablish diplomatic ties in March 2023.

Other notable gainers included trade with Turkey (up 63%), Qatar (46%) and Afghanistan (28%).

Overall, Iran exported 36 billion worth of non-oil goods to neighbors, up 17%.