Iran Records $12.5b in Non-Oil Trade Surplus With Neighbors

EghtesadOnline: Iran traded 67.6 million tons of non-oil commodities worth $35.58 billion with its 15 neighboring countries, namely the UAE, Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain and Saudi Arabia, in the last Iranian year (ended March 20, 2019).

News ID: ۷۴۷۱۴۶

27 April 2019

Non-oil trade registered a 9.71% and 7.29% decline in tonnage and value respectively compared with last year’s corresponding period.

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 59.06 million tons worth $24.06 billion last year, indicating a 0.07% decrease in tonnage and 0.03% increase in value year-on-year.

Imports stood at 8.54 million tons worth $11.52 billion, down 0.24% and 0.23% in tonnage and value respectively YOY, Financial Tribune reported.

A non-oil trade surplus of $12.54 billion was registered in favor of Iran during the period.

Main Commodities, Trading Partners

Iran mainly exported liquefied natural gas, gas condensates, low-density oils and mineral oils to the neighboring states.

In exchange, major commodities imported into Iran included nuclear reactor parts, barley, field corn, semi- and wholly-milled rice, steam turbine parts and cellphones.

In terms of trade value, the UAE topped the list among neighboring countries with bilateral trade standing at 17.57 million tons worth $12.52 billion, down by 30.07% and 25.6% in tonnage and value respectively YOY.

Exports to UAE amounted to 13.75 million tons worth $5.95 billion to register a 24.53% and 12.06% decline in tonnage and value respectively YOY.

The UAE was Iran’s second biggest export destination among neighbors and third among all countries. In return, it exported 3.82 million tons of commodities worth $6.56 billion to Iran, down by 44.68% and 34.71% in tonnage and value respectively YOY.

In fact, the UAE was the top exporter of goods to Iran among neighbors and second in the world after China.

Major Iranian commodities exported to UAE were gas condensates, low-density oils and mineral oils.

For its part, UAE mainly exported steam turbine parts, cellphones, butter and turbojet parts to Iran.

Iraq was Iran’s second biggest trading partner among nations during the period as two-way commercial exchanges stood at 19.84 million tons worth $9.01 billion to register a 48.25% and 35.75% growth in tonnage and value respectively YOY.

Iran exported 19.76 million tons of goods worth $8.96 billion to Iraq, up by 49.15% and 36.71% in tonnage and value respectively YOY.

Iraq was Iran’s top export destination among neighboring countries and second among all countries, after China, during the 12-month period.

Iran’s exports to Iraq included liquefied natural gas, mineral oils, cleaning detergents, low-density oils and tomatoes.

Iran imported 73,563 tons of commodities worth $58.69 million from Iraq, down 43.14% and 34.61% in tonnage and value respectively YOY, which mainly constituted low-density oil, machinery, aluminum alloy and cans.

Iraq was the seventh exporter of goods to Iran among neighbors and 41st exporter to Iran among all countries.

Turkey was Iran’s third major trading partner among neighboring states.

Mutual trade between Iran and Turkey amounted to 8.15 million tons worth $4.98 billion, indicating a 49.54% and 30.61% decrease in tonnage and value respectively YOY.

Iran’s exports reached 6.76 million tons worth $2.36 billion, down 52.72% and 40.22% in tonnage and value respectively YOY, while Turkey’s exports to Iran were at 1.39 million tons worth $2.61 billion, down by 24.96% and 18.79% in tonnage and value respectively YOY.

Turkey was Iran’s fourth export destination and second exporter of goods to Iran among neighbors. The country was Iran’s sixth export destination and third exporter to Iran in the world, after China and the UAE.

Liquefied natural gas, non-alloy zinc, aluminum, urea and bitumen were Iran’s main goods exported to Turkey, while Turkey exported mainly cooking bananas, tobacco and fiber.

Afghanistan was Iran’s third biggest export destination, after Iraq and the UAE, among neighbors and fourth among all countries, as Iran exported 5.67 million tons worth $2.92 billion to Afghanistan during the year, down by 4.18% in tonnage and up by 5.11% in value YOY.

Iran mainly exported low-density oils, iron/steel bars and floorings to Afghanistan.

Russia was the third major exporter of goods to Iran among neighbors, after the UAE and Turkey, during the 12 months as Iran imported 2.17 million tons of commodities worth $1.34 billion from Russia, indicating a 59.39% and 84.52% hike in tonnage and value respectively YOY.

Iran mainly imported nuclear reactor parts, sunflower oilseeds, field corn and barley from Russia. The country was the eighth exporter of goods to Iran during the year among all countries.

Highest Growths, Declines in Trade

Trade with Russia (at $1.62 billion), Oman ($1.16 billion) and Iraq ($9.01 billion) saw the highest YOY growths of 59.13%, 51.16% and 35.75% respectively, while trade with Saudi Arabia ($360,397), Turkey ($4.98 billion) and Bahrain ($12,660) witnessed the lowest declines of 83.66%, 30.61% and 26.45% respectively.

Iran’s exports to Iraq (at $8.96 billion), Pakistan ($1.24 billion) and Oman ($728.56 million) saw the highest growths of 36.71%, 35.77% and 32.07% respectively, while exports to Turkey (at $2.36 billion), Kazakhstan ($131.4 million) and Armenia ($158.99 million) witnessed the highest declines 40.22%, 22.19% and 21.51% respectively.

Imports from Oman (at $432.82 million), Russia ($1.34 billion) and Kazakhstan ($87.06 million) saw the highest growths of 99.75%, 84.52% and 30.46% respectively, while imports from Qatar (at $9.54 million), Kuwait ($12.16 million) and Afghanistan ($10.93 million) witnessed the highest declines of 59.9%, 55.73% and 46.41% respectively.