FINANCIAL NEWS

Dubai-Iran trade plunges 31% in 2012

26 Mar 2013

(MENAFN) Dubai Customs Director General, Ahmed Butti Ahmed, announced that the emirate’s trade with Iran declined by 31 percent to around USD6.8 billion in 2012, reported Arabian Business.

Ahmed said that the drop is a result of the US financial sanctions imposed on Tehran that are affecting the country’s business with the world.

He added that at the current time, merchandise trade with Iran accounts for almost 2 percent of the emirate’s overall trade.

Ahmed noted that for decades, Dubai has been a major commercial hub for Iran, which brought most of its imports through the emirate, however, the western sanctions forced banks in Dubai to reduce Iran-related dealings.

It is worth noting that Iran’s merchandise exports and imports in 2011 reached USD194 billion, according to the World Trade Organization (WTO).

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