Iran's Mineral Trade Surplus Tops $5b

EghtesadOnline: Iran's trade in mineral products recorded a surplus of $5.05 billion during the 11 months to Feb. 19.

News ID: ۷۴۶۹۷۹

06 April 2019

The country exported 51.77 million tons of mineral products worth over $8.29 billion during the period, down 6% and 0.3% in tonnage and value respectively compared with last year's corresponding period.

Imports stood at 3.37 million tons worth $3.24 billion, down 39% in tonnage and 33% in value year-on-year, the latest report released by the Iranian Mines and Mining Industries Development and Renovation Organization shows.

IMIDRO's previous report showed Iran registered a mineral trade surplus of about $4.46 billion for the 10 months to Jan. 20, according to Financial Tribune.

Mineral exports had a 49% share in tonnage and a 21% share in value of Iran’s exports during the 11-month period, while mineral imports had a 12% and 9% share in tonnage and value of Iran’s total imports respectively during the period under review.

Steel Tops List of Traded Commodities

Semi-finished and finished steel products took the lion’s share of exports in terms of value, as about 8.44 million tons worth about $3.82 billion were shipped overseas, up 1% and 17% YOY in volume and value respectively.

The category of “other mineral products” ranked second with about 8.8 million tons worth about $1.25 billion. The volume and value of shipments grew 18% and 15% respectively YOY.

Copper and downstream products came third with 291,000 tons worth about $783.66 million, down by 56% in tonnage and up by 9% in value YOY.

These were followed by iron ore concentrate with about 6.94 million tons valued at about $485.52 million, up 628% and 542% in tonnage and value respectively YOY.

Other exported mineral commodities from Iran during the period under review were cement with 12.65 million tons worth $398.48 million, stones with 5.26 million tons worth $316.86 million, metals with 178,400 tons worth $278.04 million, zinc with 107,200 tons worth $218.82 million, iron ore (fines/lumps) with 8.06 million tons worth $228.56 million, aluminum with 87,200 tons worth $167.28 million, lead with 92,500 tons worth $118.54 million, coal and coke with 417,500 tons worth $70.48 million and ferroalloy with 44,700 tons worth $65.92 million.

Chrome with 299,100 tons worth $50.65 million, molybdenum with 2,700 tons worth $28.02 million, pottery and bricks with 77,100 tons worth $10.45 million, titanium with 120 tons worth $0.23 million, mining equipment with 100 tons worth $0.20 million, precious metals with 50 tons worth $0.15 million, alumina powder with 160 tons worth $0.15 million, antimony with 70 tons worth $0.14 million, mica with 70 tons worth $0.04 million and nickel with 10 tons worth $0.02 million constituted other mineral exports.

As for imports, steel had the largest share among Iran's imports of mineral products during the 11 months in terms of value, as 1.24 million tons worth $1.2 billion were imported, down 55% and 42% in tonnage and value respectively YOY.

The category of "other mineral products" came second with 602,300 tons worth $522.52 million, down 34% in volume and 29% in value YOY.

Ferroalloys was next with 155,600 tons worth $201.47 million, down 31% and 30% in tonnage and value respectively YOY.

Other imported commodities included aluminum with 102,400 tons worth $199.06 million, mining equipment with 20,080 tons worth $197.95 million, coal and coke with 643,300 tons worth $196.25 million, metals with 64,100 tons worth $161.79 million, alumina powder with 281,420 tons worth $161.72 million, titanium with 41,780 tons worth $124.84 million, pottery and bricks with 32,650 tons worth $98.19 million, stone products with 35,000 tons worth $36.3 million, lead with 11,800 tons worth $30.25 million, cement with 39,600 tons worth $30 million and zinc with 93,400 tons worth $27.84 million.

Nickel with 1,370 tons worth $22.16 million, copper and downstream products with 1,700 tons worth $15.71 million, chrome with 2,700 tons worth $6.41 million, antimony with 260 tons worth $2.67 million, $1.18 million of precious stones, molybdenum with 70 tons worth $0.95 million, and mica with 710 tons worth $0.54 million constituted other mineral imports.

Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.

According to the United States Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves.

Overall, Iran is home to more than 7% of global mineral reserves.