Persian Gulf countries have specific business relations with Iran. Moreover, these countries have great potential in order to be a target market of export for non-oil goods trades in the Middle East. Countries such as Bahrain, Sudan, Djibouti, Emirate, Saudi Arabia and Qatar limited their political and economic relations with Iran. Also, by recent events and decision made by Arabian countries, after lifting sanctions, Arabian countries are the ones who will lose because European and American will be substituted by them in trading with Iran.
According to the Islamic Republic of Iran Customs Administration`s (IRICA), Trades with Middle East countries is shown as tables below:
Iran trades with Persian Gulf countries in first 8 month of year 1394 Persian calendar (March 22th 2015-21st Nov 2015):
Iran trades with Persian Gulf countries in year 1393 Persian Calendar (March 22th 2014- March 22th 2015):
In the first 8 month of 1394 Persian Calendar, import to Iran form Middle East countries was about 7 billion dollar in comparison of 4 billion dollar export trade form Iran. Also, in the last fiscal year (1393) import trade and products was about 13 billion dollar, which in the same period export products was about 5 billion dollar.
Emirates and Iran Trades
Emirates is one of the greatest business partners and trade-off between these two countries had been increased drastically. According to statistics in the last year 3,774 products have been imported to Iran, which valued about 12 billion dollar. On the other hand Iran had exported 1,007 goods which valued more than 4 billion dollars.
Bahrain and Iran
Bahrain’s earning by trading with Iran is more important than Iran’s trade-off. Bahrain’s balance trade is minus. In the last year there were 222 products which valued at 10 million dollar revenue was exported to Bahrain by Iran. On the other hand, Bahrain by exporting 19 kind of goods, reached to 328 million dollar revenue. The main products which imported to Iran was Granular Iron Ore about 280 million dollar. By recent political decision Iran could import these goods from other countries.
Iran and Qatar Trade-off
Otherwise, Qatar hadn’t decide about political relation with Iran. Otherwise, all trade balance with Iran was more than 100 million dollar. Major exported items to Qatar was mineral products, BOF flooring, saffron and pistachio and also live animals which valued about 89 million dollars. Otherwise, the main imported products to Iran was about 18 million dollar which were medical supplements.
Iran and Kuwait
Kuwait is the main consumption of Iran’s cement industry. Also, like other middle east live animals are the main exporting items by Iran, which valued about 73 million dollar at last year. Moreover, whole trade between Iran and Kuwait was more than 260 million dollar which 75% was about Iran exporting trade.
In Conclusion, by reaching to the time of lifting sanction Iran’s economy will be a hub of trade in Middle East, Asia countries. Therefore, Arabian countries will lose the chance of trading in this market, also, European and other foreign investors would reach a market hub in Asia.