SCI Examines Export, Import Price Changes

According to SCI, the Export Price Index, a relative indicator measuring the overall change in prices of exported goods and services, (using the year ending March 2017 as a base year), stood at 1,612.3 in Q4 in terms of rial, registering a 33% increase compared with the quarter before and a 229.8% rise compared with the same quarter of the year before.

The average EPI during the four-quarter period leading to March 20, 2021, (annualized), which marks the end of last fiscal year, witnessed a 172.2% growth compared with the corresponding period of the year before. 

The three-month period saw EPI stand at 135.2 in dollar terms, registering an increase of 7.2% over the preceding quarter and 7.8% compared to the corresponding quarter of the year before. 

The average EPI in dollar terms during the four-quarter period leading to March 20 witnessed a 2.8% rise compared with the corresponding period of the year before. 

The Import Price Index, a relative indicator measuring the overall changes in prices of imports of merchandise into a country (using the year ending March 2017 as a base year), stood at 14,222.4 in Q4 in terms of rial, registering a 45.4% increase compared with the quarter before and a 558.3% rise compared with the same quarter of the year before.

The average IPI during the four quarters leading to March 20 witnessed a 534.6% growth compared with the corresponding period of the year before.

The three-month period saw IPI stand at 279.8 in dollar terms, registering a 12.8% increase quarter-on-quarter and a 56% rise year-on-year. 

The average IPI in dollar terms during the four-quarter period leading to March 20 witnessed a 47.4% growth year-on-year.

Iran’s foreign non-oil trade stood at 145.7 million tons worth $73 billion in the last fiscal year (March 2020-21). 

According to Mehdi Mirashrafi, the head of the Islamic Republic of Iran Customs Administration, exports accounted for 112 million tons worth $34.52 billion and imports constituted 34.4 million tons worth $38.5 billion of the sum. 

Iran’s main exports included gasoline, natural gas, polyethylene, propane and pistachio, with the latter alone earning $1.2 billion. 

“The main export destinations were China with 26.6 million tons worth $8.9 billion, Iraq with 25.6 million tons worth $7.3 billion, the UAE with 15.2 million tons worth $4.6 billion, Turkey with 6.3 million tons worth $2.5 billion and Afghanistan with 7 million tons worth $2.2 billion. These five countries imported more than 80 million tons of non-oil goods worth $25.7 billion,” he was quoted as saying by Mehr News Agency.

China, Iran’s biggest trading partner, accounted for 26% of Iran's total non-oil exports, as 26.58 million tons of non-oil goods worth $8.95 billion were shipped from Iran to China during the period. Pistachio, nuts, minerals, construction materials, methanol, carpet, iron ore, glassware and fruits were the main types of goods exported from Iran to China in the last fiscal year. 

Imports from China totaled 3.54 million tons worth $9.76 billion during the year to March 21, 2021, to account for 10.6% of the total volume of Iran's imports and 25.3% of the total value of imports during the period. Industrial machinery and raw materials, medical equipment, paper, wood, textile, auto parts and sports equipment were Iran's main imports from the South Asian state in the fiscal 2020-21. 

“Iran’s foreign trade declined by 25 million tons due to sanctions and the Covid-19 pandemic,” he said, adding that the country’s trade deficit stood at $4 billion. 

Mirashrafi noted that a total of 23.1 million tons of essential goods, including corn, cellphones, rice, soybean meal, oilseeds, wheat and unprocessed oils, worth $12 billion were imported during the period under review.

Iran imported 3.5 million tons of essential goods worth $9.7 billion from China, 5 million tons worth $9.6 billion from the UAE, $4.3 billion from Turkey, 2.2 million tons worth $2.1 billion from India and 1.2 million tons worth $1.8 billion from Germany in the year to March 20. 

Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.