$3.3b Trade Surplus in Iran's Mining Sector

EghtesadOnline: Iran exported more than 57.68 million tons of mineral products worth over $7 billion during the previous fiscal year (March 2016-17), registering a 38% and 17% growth in trade volume and value respectively compared with the year before.

News ID: ۷۴۱۱۸۴

26 April 2017

Mineral exports accounted for 44% and 16% of Iran’s total export volume and value during the period respectively, according to the Iranian Mines and Mining Industries Development and Renovation Organization.

The mining industry accounts for only about 5% of Iran’s GDP.

Mineral imports last year stood at 5.89 million tons worth $3.7 billion, registering a 26% and 17% decline in volume and value respectively year-on-year. Imports made up 18% and 8% of all Iranian imports in terms of volume and value respectively during the year, Financial Tribune reported.

Crude steel and steel products took the lion’s share of exports in terms of value, as 6.69 million tons worth $2.69 billion were shipped overseas during period, up 49% and 0.3% in weight and value respectively YOY.

Iron ore followed with 21.19 million tons worth $818 million, up 55% and 56% in weight and value respectively.

Copper and copper products came next with 810,138 tons valued at $662 million, up 147% and 131% in weight and value respectively. Copper shipments recorded the highest growth in volume and value among all mineral commodities after precious metal exports.

Other exported mineral commodities included cement with 12.76 million tons worth $496 million, stones with 5.38 million tons worth $329 million, zinc with 192,654 tons worth $258 million, aluminum with 193,804 tons worth $238 million, lead with 159,661 tons worth $220 million, chrome with 506,430 tons worth $77 million and precious minerals (gold, silver, etc.) with 493 tons worth $47 million.

Ferrous products with 29,361 tons worth $46 million, coal with 279,179 tons worth $28 million, molybdenum with 3,622 tons worth $27 million, titanium with 168 tons worth $300,000, mica with 65 tons worth $100,000, nickel with 20 tons worth $100,000, antimony with 23 tons worth $100,000, and ‘other mineral products’ with 9.465 million tons worth $1.05 billion were other minerals exported during the period.

Crude steel and steel products also had the largest share among Iran’s imports of mineral commodities, as 4.01 million tons worth $2.53 billion were imported, down 16% and 17% in weight and value respectively.

Aluminum and titanium followed with 406,235 tons and 59,981 tons valued at $339 million and $123 million respectively.

According to IMIDRO, more than 310.7 million tons of mineral products were produced in Iran last year.

Mineral exports and imports during the fiscal March 2015-16 stood at $7 billion and $4.44 billion respectively.

Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.

According to the United States Geological Survey, Iran holds the world’s largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves. Overall, Iran is home to more than 7% of global mineral reserves.