Iran's Non-Oil Trade With Neighbors Exceeds $24b in 8 Months

EghtesadOnline: Iran traded 43.15 million tons of non-oil commodities worth $24.41 billion with its 15 neighboring countries; namely the United Arab Emirates, Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia during the first eight months of the current fiscal (March 21-November 21) to register a 6.55% and 11.58% rise in tonnage and value respectively compared to last year’s corresponding period.

News ID: ۷۴۶۳۲۹

12 December 2018

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports to the neighboring countries totaled 39.08 million tons worth $17.84 billion during the period under review, indicating 10.5% and 33.62% increases in tonnage and value respectively year-on-year. Imports, on the other hand, stood at 4.07 million tons worth $6.56 billion, down in tonnage and value by 20.64% and 22.96% YOY.

Main Commodities Traded

Iran mainly exported gas condensates, low-density oils, liquefied natural gas, mineral oils, hydrocarbons, bitumen, floorings, iron/steel bars, semi-finished iron/non-alloy steel products, and iron/non-allot steel ingots to the neighboring states.

In exchange, major commodities imported into Iran from the neighboring nations included nuclear reactors parts, cell phones, semi-milled/wholly-milled rice, barley, field corn, butter, steam turbines parts, cooking bananas, and boneless frozen cow parts, according to Financial Tribune.

Top 5 Trading Partners in Detail

In terms of total trade value, The UAE topped the list among the nations with bilateral trade standing at 12.64 million tons worth $8.68 billion, down by 12.2% and 9.06% in tonnage and value respectively YOY.

In fact, the UAE was Iran’s second major trading partner in the world during the eight months after China.

Iraq was Iran’s top export destination among the neighboring nations during the period under review followed by the UAE, Afghanistan, Turkey, and Pakistan.

Moreover, the UAE was the top exporter of goods to Iran followed by Turkey, Russia, Oman, and Pakistan.

The UAE was Iran’s 3rd export destination and the second exporter of goods to Iran in the world.

Exports to the UAE amounted to 11.06 million tons worth $ 5.09 billion, to register 5.68% decline in tonnage and 26.08% increase in value YOY. In return, The UAE exported 2.79 million tons of commodities worth $4.45 billion to Iran, down by 28.31% and 29.63% in tonnage and value respectively YOY.

Major Iranian commodities exported to the UAE were gas condensates, low-density oils, mineral oils, liquefied hydrocarbons, copper cathode, and iron/non-alloy steel ingots.

For its part, the UAE mainly exported cell phones, butter, steam turbines parts, turbojets parts, frozen boneless cow parts, and machinery to Iran.

Iraq was Iran’s second trading partner among neighboring states during the eight months under review. Two-way commercial exchanges stood at 14.27 million tons worth $6.79 billion, registering 65.56% and 65.03% growth in tonnage and value respectively YOY. Iraq was Iran’s 3rd biggest trading partner in the world during the period. Iran exported 14.21 million tons of goods worth $6.75 billion to the country, up by 66.14% and 66.59% in tonnage and value respectively YOY. Iran’s exports to Iraq included liquefied natural gas, mineral oils, iron/steel bars, household cleaning detergents, floorings, low-density oils, and tomatoes.

This is while Iran imported 55,956 tons of commodities worth $33.65 million from Iraq during the same period, down 39.95% and 42.74% in tonnage and value respectively YOY, the majority of which included low-density oils, cans, battery waste, aluminum alloy, and cell phones. The neighboring county was Iran’s 1st export destination among neighboring nations as well as in the whole world; and the 7th major exporter of goods to Iran among the nations and the 42nd exporter to Iran in the world.

Mutual trade between Iran and Turkey amounted to 2.05 million tons worth $2.5 billion, indicating 59.33% and 28.93% decrease in tonnage and value respectively YOY. Turkey was Iran’s 6th trading partner in the world. Iran’s exports reached 1.24 million tons worth $959.16 million, down 67.06% and 32.92% in tonnage and value respectively YOY, while Turkey’s exports to Iran were at 812,090 tons worth $1.56 billion, down by 36.62% and 26.13% in tonnage and value respectively YOY.

Turkey was Iran’s 4th export destination as well as the second exporter of goods to Iran among neighboring nations. Moreover, Turkey was Iran’s 6th export destination and the 7th exporter to Iran in the world.

Non-alloy zinc, non-alloy aluminum, bitumen, urea, and polyethylene grade film were Iran’s main goods exported to Turkey, while Turkey exported cooking bananas, tobacco, fibers, cotton, and auto parts to Iran.

Next was Afghanistan which traded 3.92 million tons of non-oil goods worth $2.25 billion with Iran during the reviewed period, up 1.76% and 25.15% in tonnage and value respectively YOY. Afghanistan was Iran’s 7th trading partner in the world. Afghanistan imported 3.92 million tons of Iranian commodities worth $2.24 billion, up 1.94% and 25.91% in tonnage and value respectively YOY from Iran, and exported 6,972 tons of goods worth $7.69 million to Iran, down 60.54% and 43.94% in tonnage and value respectively YOY. The country was Iran’s 3rd major export destination and the 11th exporter of goods to Iran among the countries. It also was Iran’s 4th export destination and the 71st exporter to Iran in the world.

Exports to Afghanistan included low-density oils, floorings, iron/steel bars, and hydrocarbons. Iran mainly imported sesame, plants, lead, oil seeds, and cattle.

Iran’s fifth trading partner among the neighboring states was Pakistan. Iran-Pakistan trade amounted to 1.85 million tons worth $1.05 billion, registering 15.7% and 27.22% increase in tonnage and value respectively YOY. Pakistan was Iran’s 10th trading partner in the world. Iran exported 1.66 million tons worth $860.03 million to Pakistan, going up 27.31% and 62.55% in tonnage and value respectively YOY. Iran imported 187,894 tons of goods worth $194.69 million from Pakistan during the period, down 33.07% and 34.03% in tonnage and value respectively YOY. Iran exported bitumen, low-density oils, liquefied hydrocarbons, pod vegetables, packaging materials, and pistachio, while Pakistan mostly exported semi-milled/wholly-milled rice, sesame, pears, mangoes, cans, cattle, and camel. Pakistan was Iran’s 5th export destination and as well as the 5th exporter of goods to Iran among neighboring nations; also Iran 7th  export destination and the 23rd exporter of goods to Iran in the world.