Iran's 10-Month Foreign Trade Hits $78b

EghtesadOnline: Iran’s non-oil trade with other countries in the first 10 months of the current fiscal year (March 21, 2017-Jan. 20) stood at $78.41 billion, indicating a rise of 9.5% compared with last year’s corresponding period.

News ID: ۷۴۴۷۳۹

28 January 2018

Exports hit 99.3 million tons worth $35.61 billion, indicating a 7% decline in weight and a 2% drop in value year-on-year, the Persian economic daily Donya-e-Eqtesad reported, citing the Islamic Republic of Iran Customs Administration’s latest figures.

Imports amounted to 30.49 million tons worth $42.8 billion, up 10% in weight and 22% in value YOY.

Iran’s foreign trade over the Iranian month ending Jan. 20 hovered around $9.2 billion, indicating a 24.4% rise YOY. Exports during the month hit $3.97 billion and imports amounted to $5.23 billion, indicating a 1.7% decline in exports and a 56% rise in imports over last year’s similar month, Financial Tribune reported.

The country registered a smaller trade deficit ($1.26 billion) in the month ending Jan. 20 compared with the previous month ($1.99 billion).

Exports rose by 26% and imports increased by 2% in the same period compared with the previous month ending Dec. 21, 2017.

Top Traded Commodities

Iranian exporters managed to sell 22.44 million tons of petrochemical products worth $10.67 billion during the 10 months. Petrochemicals accounted for nearly 30% in terms of value and 23% in terms of weight of Iran’s total exports.

Last year’s figures for the similar period show the country exported 26.54 million tons of petrochemicals worth $11.72 billion. Therefore, petrochemical exports have seen more than a 15% drop in weight and 9% decline in value in the 10 months compared with the same period of last year.

Other major exported commodities during the period were gas condensates ($5.67 billion or 16% of total exports), liquefied propane ($1.21 billion or more than 3% of overall exports), light crude oil, excluding gasoline($997 million or around 3% of total exports), methanol ($984 million or nearly 3% of total exports) and granulated hematite iron ore ($845 million or more than 2% of total exports).

Imports mainly included auto parts ($1.4 billion or more than 3% of total imports), field corn ($1.25 billion or around 3% of total imports), rice ($1.02 billion or more than 2% of total imports), soybean ($775 million or close to 2% of total imports), vehicles of engine displacement between 1500 cc and 2000 cc, except for ambulance and hybrid cars ($683 million or more than 1.5% of total imports).

Main Customers

China was the main customer of Iranian products during the period, as Iran exported 28.18 million tons of commodities worth $7.42 billion to the Asian country, 11% more in terms of value and 5% less in terms of weight compared with the corresponding period of last year.

Exports to China account for more than 28% in terms of weight and around 21% in terms of value of Iran’s total exports.

Other major export destinations included the UAE with 14.64 million tons of imports from Iran worth $5.13 billion (accounting for over 14% of Iran’s total exports in terms of value and 15% in terms of weight), Iraq with 10.58 million tons worth $5.04 billion (accounting for more than 14% of Iran’s total exports in terms of value and 11% in terms of weight) and South Korea with 8.28 million tons worth $3.41 billion (accounting for 9.5% of Iran’s total exports in terms of value and 8% in terms of weight).

India was the fifth biggest importer of Iranian goods during the 10-month period. The South Asian country bought 8.33 million tons of Iranian products worth $2.27 billion to constitute more than 6% of Iran’s total exports in terms of value and 8% in terms of weight.

Exports to China fell by 5% in weight and rose by 11% in value during the period under review.

Iran’s exports to the UAE saw a decline of 7.5% in weight and 19% in value YOY.

Similarly, exports to Iraq registered a decline of more than 13% in weight and around 1% in value.

South Korea’s imports from Iran increased both in weight and value compared to the same period of last year, registering a 39% rise in weight and close to 33% increase in value.

Exports to India increased by 5% in terms of weight and decreased by 3% in terms of value YOY.

Major Exporters to Iran

Major exporters to Iran included China with 3.8 million tons worth $10.22 billion, the UAE with 4.97 million tons worth $7.78 billion, South Korea with 1.21 million tons worth $2.97 billion, Turkey with 1.54 million tons worth $2.6 billion and Germany with 714,000 tons worth $2.34 billion.

Imports from China saw a rise of more than 5% in weight and 21% in value in the 10-month period.

The UAE exported 18% more goods in terms of weight and 42% more in terms of value year-on-year.

Imports from South Korea saw a rise of 1% in weight and 6% in value.

Turkey’s exports to Iran rose by 16% in weight and more than 18% in value during the period under review.

Iran’s imports from Germany registered a decline of 15% in weight and an increase of 19% in value YOY.

The average price of each ton of exported goods stood at $359, posting a 5.5% rise over last year’s corresponding period and the average price of each ton of imported commodities hovered around $1,404, up 10% YOY.