Iran Export Price Index Rises 33.5% YOY, 7.5% MOM

EghtesadOnline: The export price index stood at 323.1 in the 11th Iranian month of Bahman (Jan. 21-Feb. 19), registering a 7.5% increase compared to the preceding month and a 33.5% rise compared with last year’s corresponding period, the Central Bank of Iran’s latest data show.

News ID: 782419

The average EPI during the 11 months to Feb. 19 also witnessed a 19.4% growth year-on-year.

EPI is primarily affected 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, ideally, FOB export prices, Financial Tribune reported.

The US dollar and euro grew by 0.92%% and 1.25% against the rial respectively in Bahman. The two currencies also gained 22% and 39% during the 11 months of the last fiscal year, reaching 45,750 and 57,190 rials respectively, according to Tehran Gold and Jewelry Union data.

EPI for the following products had the highest growth among all goods compared to the month before: light polyethylene, liquefied propane, liquefied butane, hot-rolled steel, methanol, industrial oil, styrene, yogurt, pistachios, urea fertilizer, copper concentrate, copper cathode, hand-woven wool carpet, cement, evaporative coolers, aluminum ingot, heavy polyethylene, saffron, raisins, bitumen, paraffin wax, biscuits and wafers, shrimps and frozen fish.

Other top performers included zinc ingot, plastic hoses, tiles and ceramics, car radiator, ice cream, detergents, leather sandals, cakes, white and cocoa chocolate, carpets, ferromolybdenum, iron beams, hydrogenated oil, lead ingots, licorice essence, molybdenum oxide, engine oil, potato chips, fruit juice and concentrate, caustic soda, water heater, processed decorative stones, glue, chewing gum, motorcycle tire, sanitary chinaware and soda.

For other products such as tractors, galvanized pipes, almond and tomato paste, EPI dropped compared to the month before.

EPI for base metals and related products had the highest YOY rise, recording a 45.7% uptick compared with last year’s similar period. Mineral products came second with a 41% YOY growth in EPI, followed by chemical products with 40.8% and petrochemical products with 40.4%.

Rankings were different on a month-on-month basis, as transportation equipment came on top with 22.4%, followed by base metals with 12%, animal products with 9.8% and plastic products with 9.1%.