Iran Mineral Exports to Iraq Reach $1.7b

EghtesadOnline: Iran exported 8.9 million tons of mineral products worth $1.77 billion to the neighboring country Iraq during the 11 months to Feb. 19.

News ID: ۷۴۷۰۱۰

09 April 2019

Mineral exports accounted for 46% and 20% of the volume and value of Iran’s total exports to Iraq respectively, according to a new report released by the Iranian Mines and Mining Industries Development and Renovation Organization.

Semi-finished and finished steel products had the lion’s share of mineral exports to Iraq in terms of value, as about 1.49 million tons worth about $759.63 million were shipped to the neighboring state.

Other exported mineral commodities from Iran to Iraq during the period under review include cement with 2.73 million tons of cement valued at about $106.2 million, copper and downstream products with 11.140 tons worth $69.34 million, stones with 236,000 tons worth $69.06 million, aluminum with 10,120 tons worth $23.11 million, iron ore (fines/lumps) with 605,540 tons worth $12.92 million, coal and coke with 21,790 tons worth $7.38 million, bricks with 58,900 tons worth $6.74 million, iron ore concentrate with 57,320 tons worth $4.54 million, ferroalloy with 2,930 tons worth $2.17 million, zinc with 270 tons worth $0.68 million and titanium with 80 tons worth $0.17 million, according to Financial Tribune.

In general, Iran’s total export of mineral products stood at 51.77 million tons worth over $8.29 billion during the 11-month period, down 6% and 0.3% in tonnage and value respectively compared with last year's corresponding period.

Imports amounted to 3.37 million tons worth $3.24 billion, down 39% in tonnage and 33% in value year-on-year.

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

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

The above figures indicate that Iraq had a 17.19% share in tonnage and a 21.38% share in value of Iran’s total mineral exports during the 11 months.

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.

Iraq is a major export destination for Iranian products in general.

The latest report released by the Islamic Republic of Iran Customs Administration shows the neighboring country was Iran's second biggest export destination after China.

The neighboring country imported a total of 18.39 million tons of non-oil goods from Iran, up 53.09% in tonnage and 42.02% in value YOY during the same period.

Iran’s exports to Iraq mainly included liquefied natural gas, mineral oils, household cleaning detergents and tomatoes.

In return, Iran imported 67,219 tons of commodities worth $53.57 million from Iraq, down 44.51% and 36.33% in tonnage and value respectively YOY, most of which were low-density oil, machinery, aluminum alloy and cans.