Petrochem, Mineral Exports Boost Iran’s EPI

EghtesadOnline: Iran’s export price index has ended the sixth Iranian month (Sept. 22) at about 249.3, growing 3.7% compared to the preceding month, the latest statistics released by the Central Bank of Iran announced.

News ID: ۷۴۴۲۰۳

28 October 2017

The uptick in the index also suggests a 16.2% year-on-year growth.

In addition, the index witnessed a 14.2% rise during the six months of the current Iranian year (started March 21) compared with last year’s corresponding period, IRNA reported.

EPI is primarily affected by two factors: the foreign exchange rate and global prices. Prices mentioned in CBI’s report are based on the rial’s value in the open forex market, according to Financial Tribune.

The index is calculated for the prices of one or any specified group of commodities entering into international trading using, ideally, FOB export prices. The dollar and euro grew by 2% and 3.9% respectively during the sixth month of the current fiscal year.

Petroleum-based and metallic products that registered the highest rise in value month-on-month include methanol, liquefied propane, liquefied butane, low-density polyethylene, polystyrene, tar, copper cathodes, ammonia, aluminum ingot, copper concentrate, high-density polyethylene and zinc ingot.

Cement, fertilizer, hand-woven carpet, dates, yogurt, biscuit, wafer, saffron, radiator, tractor, synthetic leather sandal, frozen fish, tomato paste, cake, chocolate, tiles, ceramics, cleansing powders and liquids, and machine-made carpets were non-oil products that registered the highest rise in value month-on-month.

Some commodities, including pistachio and hot-rolled coil, declined in value month-on-month.

A closer look at the figures reveals that petrochemical products saw an increase in value of 7.3% M-o-M and 21.1% YOY.

According to the report, the categories of chemical and their downstream products, base metals and their downstream products, and mineral products, each witnessed considerable year-on-year gain in value, rising by 28.9%, 25.9% and 20.8% respectively.

EPI started the fiscal 2017-18 at 241 points.