SCI Reviews Export, Import Price Changes in Second Quarter

According to SCI, the Export Price Index, an indicator measuring the overall change in the prices of exported goods and services, (using the year ending March 2017 as the base year), stood at 2,215.3 in Q2 in terms of rial, registering a 20.8% increase compared with the quarter before and a 160.6% rise compared with the same quarter of the previous year.

The average EPI during the quarter leading to Sept. 22, witnessed a 191.7% growth compared with the corresponding period of the year before. 

The three-month period saw EPI stand at 142.5 in dollar terms, registering an increase of 2% over the preceding quarter and 14% year-on-year. 

The average EPI in dollar terms during the period witnessed a 9.9% rise compared with last year’s corresponding period. 

The Import Price Index, an indicator measuring the overall changes in prices of imported merchandise into a country (using the year ending March 2017 as a base year), stood at 35,931.7 in Q2 in terms of rial, registering a 63.7% increase compared with the previous quarter and a 485.4% rise compared with the same quarter of the year before.

The average IPI during the second fiscal quarter witnessed a 513.8% growth compared with the corresponding period of last year.

The three-month period saw IPI stand at 342.7 in dollar terms, registering an 8.7% increase quarter-on-quarter and a 52.1% rise year-on-year. 

The average IPI in dollar terms during the period witnessed a 54.3% growth compared with the same period of last year.

Iran’s non-oil foreign trade stood at 79.1 million tons worth $45 billion during the first half of the current Iranian year (March 21-Sept. 22), registering a 47% growth in value compared with the similar period of last year, according to the head of the Islamic Republic of Iran Customs Administration.

“Iran’s exports stood at 60 million tons worth $21.8 billion over the six-month period, showing a 30% and 61% rise in weight and value respectively year-on-year,” Mehdi Mirashrafi was also quoted as saying by Iribnews.ir.

Iran’s main export destinations were China with 14.8 million tons worth $6.5 billion, Iraq with 13.9 million tons worth $3.8 billion, Turkey with 7.2 million tons worth $2.3 billion, the UAE with 5.8 million tons worth $2.2 billion and Afghanistan with 2.5 million tons worth $1 billion.

The export commodities mainly included liquefied natural gas, methanol, polyethylene, semi-finished iron products, iron ingots, propane, urea, iron bars and cathodes.

Imports during the six months under review amounted to 19.1 million tons worth $23.14 billion, registering a 15% and 37% rise in tonnage and volume respectively compared with the corresponding period of last year.

The UAE with 5.9 million tons worth $7.3 billion, China with 1.5 million tons worth $5 billion, Turkey with 2.1 million tons worth $2.4 billion and Switzerland with 1 million tons worth $900,000 topped the list of exporters to Iran during the period.

The imports mainly included corn, soybeans, sunflower oil, soymeal, wheat, barley, sugar, palm oil and unrefined vegetable oils.

“Of the total imports, 14.3 million tons worth $8.8 billion constituted essential goods, which accounts for 75% of the volume,” Mirashrafi said.

“In the month ending Sept. 22, clearance procedures from Iranian ports accelerated, such that over the five months ending Aug. 22, an average of 2.7 million tons of commodities worth $3.3 billion were imported per month, while the figure almost doubled to 5.3 million tons worth $6.5 billion in the following month. 

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