SCI Examines Export/Import Price Changes in 3rd Quarter

The Export Price Index, an indicator measuring the overall change in prices for goods and services sold abroad, (using the year ending March 2017 as a base year), stood at 1,212 in Q3 in terms of rial, registering a 42.6% increase compared with the previous quarter and a 209.1% rise compared with the same quarter of last year.

The average EPI during the four-quarter period ending Dec. 20 witnessed a 130.2% growth year-on-year. 

The three-month EPI stood at 126.2 in dollar terms, registering an increase of 1% and 4.9% over the preceding quarter and the corresponding quarter of last year respectively. 

The average EPI in dollar terms during the four-quarter period leading to Dec. 20 witnessed no change year-on-year. 

The Import Price Index, a relative indicator measuring overall changes in the prices of imports entering the country (using the year ending March 2017 as a base year), stood at 9,779 in Q3 in terms of rial, registering a 59.3% increase compared with the previous quarter and a 588.8% rise compared with the same quarter of the year before.

The average IPI during the four quarters leading to Dec. 20 witnessed a 491.9% growth year-on-year.

Q3 saw IPI stand at 247.9 in dollar terms, registering a 10.1% increase quarter-on-quarter and a 50.1% rise year-on-year. 

The average IPI in dollar terms during the four-quarter period leading to Dec. 20 witnessed a 41.2% growth year-on-year.

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s foreign trade, excluding oil exports, stood at 134 million tons worth $65.5 billion in the first 11 months of the current fiscal year (March 20, 2020-Feb. 18). 

According to Mehdi Mirashrafi, the head of Islamic Republic of Iran Customs Administration, exports accounted for 103 million tons worth $31.2 billion and imports constituted 30.8 million tons worth $34.3 billion of the overall trade. 

“Compared with the corresponding period of last year, exports registered an 18% and 19% year-on-year decline in weight and value respectively. Imports saw a respective 6% and 15% decline in weight and value year-on-year,” he was quoted as saying by IRIB News. 

The main export destinations were China with 24.5 million tons worth $8.1 billion, Iraq with 23.9 million tons worth $6.8 billion, the UAE with 14 million tons worth $4.1 billion, Turkey with 5.9 million tons worth $2.2 billion and Afghanistan with 6.4 million tons worth $2.1 billion. 

“These five countries imported an aggregate of $23.4 billion worth of non-oil goods from Iran, which account for 72% of the weight and 75% of the value of Iran’s overall exports over the 11-month period,” he said.

Iran’s main exported goods included gasoline, natural gas, gas condensates, petrochemicals and pistachio. 

Major exporters to Iran were China with 3.2 million tons worth $8.8 billion, the UAE with 4.5 million tons worth $8.4 billion, Turkey with 4.3 million tons worth $3.8 billion, India with 2.1 million tons worth $2 billion and Germany with 1.1 million tons of goods worth $1.7 billion. 

“These five countries exported an aggregate of $24.7 billion worth of non-oil goods to Iran, which account for 50% of the weight and 72% of the value of Iran’s total imports over the period,” the IRICA chief said.

According to Mirashrafi, imports of 25 items of essential goods accounted for 21.4 million tons worth $11 billion of the total imports.