Iran Export Price Index Rises 240.6% YOY, 25.9% MOM - Sep 2018

The index saw a rise of 126.4% over the six-month period and an increase of 77.4% over the 12-month period leading to Sept. 22 compared with the same periods of last year. 

EPI is primarily influenced by two factors: foreign exchange rates and global commodity prices. 

The index is calculated for the prices of one or a basket of commodities in international trading, using FOB export prices, according to Financial Tribune.

EPI for stone products had the highest rise among main groups compared to the month before (34.2%), followed by chemicals and related industries with 33%.

The highest year-on-year increase of EPI was registered for chemicals and related industries with 313.5%, followed by the exclusive group of petrochemicals with 271.7% rise. 

Iran’s exports, excluding crude oil, mazut, kerosene and suitcase trade, hit 56.64 million tons worth $23.12 billion during the period under review, indicating a 3% decrease in weight and a 13% increase in value year-on-year, according to the Islamic Republic of Iran Customs Administration. 

By “non-oil”, IRICA refers to all commodities, except crude oil. So oil-driven products and by-products as well as petrochemical products are still categorized as non-oil.  

IRICA categorizes non-oil exports into three groups of petrochemicals, gas condensates and “other items”.

A total of 13.68 million tons of petrochemicals worth $7.02 billion were exported during the period, registering a decline of more than 3% in weight and 17% in value compared with the same period of last year.  In fact, petrochemicals accounted for more than 30% of Iran’s overall non-oil exports.

The average price of each ton of exported commodities hovered around $408, up close to 17% compared with last year’s same period.

Exports of gas condensates stood at $2.41 billion, accounting for over 10% of total exports to post a year-on-year decline of more than 46% in weight and 28.5% in value. 

Exports of liquefied propane stood at $1.07 billion and accounted for 4.64% of total exports, light oils except gasoline at $861 million accounting for 3.72% of total exports and methanol at $693 million accounting for 3% of total exports.

Exports of non-petroleum based products classified within “others” group fell in the neighborhood of 38.31 million tons worth $13.67 billion in the first half of the year, indicating a rise of around 7% rise in weight and more than 23% in value YOY. 

Products in “others” group are exported by the private sector, accounting for more than 59% of the country’s total value of non-oil exports in H1. 

China, Iraq, the UAE, Afghanistan and India were the main customers of Iranian products during the six-month period. 

The UAE, which was Iran’s second top export destination for years, has now been overtaken by Iraq. 

Exports to China, Iran's biggest trade partner both in exports and imports, which constituted more than 20% of the total value of Iran’s exports, saw close to 12% rise to hit $4.63 billion.

Iraq imported $4.56 billion worth of non-oil goods from Iran during the first half of the year, 44.5% more than the same period of last year. Exports to the UAE stood at $4.06 billion, registering more than a 33% increase. Exports to Afghanistan and India hovered around $1.66 billion and $1.25 billion, respectively. H1 exports to Afghanistan have increased by 31% while those to India declined by nearly 4% YOY.