Iran's Export Price Index Increases 162% YOY

EghtesadOnline: The export price index stood at 749.2 in the ninth month of the current Iranian year (Nov. 22-Dec. 21), registering a 20.2% decline compared with the preceding month and a 162.5% rise compared with the similar month of last year, the Central Bank of Iran’s latest data show.

News ID: ۷۴۶۵۵۲

26 January 2019

The index saw a rise of 162.6% over the preceding eight-month period and an increase of 130.4% over the 12-month period ending Dec. 21 compared with the corresponding periods of last year.

EPI is primarily influenced by two factors: foreign exchange rates and global commodity prices. The index is calculated for the prices of one or a basket of commodities in international trading, using FOB export prices.

“Plastic, natural rubber and their products” group had the sharpest EPI decline of 23.6% and that of “wood and wood products” had the slowest decrease of 16.1% compared with the month before, Financial Tribune reported.

The highest year-on-year increase of EPI was registered for “wood and wood products” with a 201.6% rise, followed by “chemicals and related industries” with 191.3%. The slowest year-on-year rise was registered for “textiles” with 84.7%.

According to the figures released by the Islamic Republic of Iran Customs Administration, non-oil exports during the one-month period amounted to 11.67 million tons worth $1.86 billion, indicating a decrease of around 34.27% compared with the preceding month’s $7.5 billion. Exports were down 56% in value and up 47% in terms of weight month-on-month.

Exports of petrochemicals reached $1.08 billion in Azar, indicating a 40% decline. Non-petroleum based products, including agricultural, industrial and mining products, as well as carpets, which are classified within “others” group, hit $783 million and posted a drop of 47%.

The export of gas condensate ended in Azar whereas it earned $58 million in the preceding month.

China was the main customer of Iranian products in Azar, as its imports from Iran reached $287 million in the Iranian month Azar compared with the preceding month’s $1.08 billion.

After China, Iran’s top trading partners in terms of export, during Azar were Iraq, Afghanistan and the UAE. Exports to Iraq plunged from $1.02 billion in Aban (Oct. 23-Nov. 21) to $173 million in Azar. Exports to Afghanistan dropped from $372 million in Aban to $93 million in Azar. The UAE bought $42 million worth of Iranian products in Azar while its import bill had reached $455 million in the preceding month.