Iran's Non-Oil Trade With ECO Members Tops $8 Billion in 9 Months

EghtesadOnline: Iran traded 15.77 million tons of non-oil commodities worth $8.19 billion with member states of Economic Cooperation Organization in the first nine months of the current fiscal year (March 21-Dec. 21) to register a 18.88% and 2.17% rise in tonnage and value respectively compared with last year’s corresponding period.

News ID: ۷۴۶۴۱۸

05 January 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports to these nine countries totaled 14.38 million tons worth $6.05 billion during the period under review, indicating 27.31% and 17.23% increases in tonnage and value respectively year-on-year. Imports stood at 1.38 million tons worth $2.13 billion, down in tonnage and value by 29.51% and 25.12% YOY.

ECO is a Eurasian economic intergovernmental organization founded in 1984 in Tehran by Iran, Pakistan and Turkey. Afghanistan, Azerbaijan, Turkmenistan, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan later joined the economic bloc.

It provides a platform to improve development and promote trade and investment opportunities, according to Financial Tribune.

An ad hoc organization under the United Nations Charter, ECO aims to establish a single market for goods and services, much like the European Union. Its secretariat and cultural department are located in Iran, while its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.

ECO consists of predominantly Muslim-majority states as it is a trade bloc of Central Asian states connected to the Mediterranean through Turkey, to the Persian Gulf via Iran, and to Arabian Sea via Pakistan.

Top Trading Partners

Turkey topped the ECO member states in terms of trade with Iran, which reached 6.93 million tons worth $3.69 billion, up 29.91% in tonnage and down 6.63% in value YOY. It was the top exporter of goods to Iran followed by Pakistan.

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

Turkey was Iran’s second export destination among ECO nations and the fifth exporter of goods to Iran in the world.

Exports to Turkey amounted to 6.03 million tons worth $1.91 billion, to register a 54.25% and 22.32% increase in tonnage and value respectively YOY. In return, Turkey exported 901,135 tons of commodities worth $1.78 billion to Iran, down by 36.85% and 25.53% in tonnage and value respectively YOY.

Turkey was the sixth major exporter to Iran in the world.

Afghanistan was Iran’s second trading partner among ECO states during the nine months under review. Two-way commercial exchanges stood at 4.43 million tons worth $2.34 billion, registering a 2.62% and 15.05% growth in tonnage and value respectively YOY.

This is while Iran exported 4.42 million tons of goods worth $2.33 billion to Afghanistan, up by 2.92% and 15.54% in tonnage and value respectively YOY.

Iran's imports from Afghanistan stood at 7,502 tons of commodities worth $8.15 million from Afghanistan during the same period, down 62.40% and 48.42% in tonnage and value respectively YOY. The neighboring country was the seventh major exporter of goods to Iran among ECO states and Iran’s fourth major export destination and the 71st exporter to Iran in the world.

Mutual trade between Iran and Pakistan amounted to 2.08 million tons worth $1.1 billion, indicating a 15.87% and 17.82% increase in tonnage and value respectively YOY. In return, Iran’s exports reached 1.88 million tons worth $896.4 million, up 25.76% and 44.75% in tonnage and value respectively YOY, while Pakistan’s exports to Iran reached 198,272 tons worth $208.51 million, down by 33.74% and 34.53% in tonnage and value respectively YOY.

Pakistan was Iran’s third export destination as well as the second exporter of goods to Iran among ECO states. The country was Iran’s seventh export destination and the 23rd exporter to Iran in the world.