Iran's Non-Oil Trade With EU Hits $10.4 Billion

EghtesadOnline: Iran traded 8.68 million tons of non-oil commodities worth $10.44 billion with members of the European Union during the last fiscal year (ended March 20, 2019) to register a 14.83% and 22.55% decline in tonnage and value respectively compared to the year before.

News ID: ۷۴۷۱۷۷

29 April 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 1.17 million tons worth $1.07 billion during the period, indicating a 23.71% and 29.77% year-on-year decline in tonnage and value respectively.

Imports stood at 7.5 million tons worth $9.36 billion, down 13.24% and 21.63% in tonnage and value respectively YOY.

The EU is a political and economic union of 28 member states located primarily in Europe, Financial Tribune reported.

Main Commodities, Trading Partners

Iran mainly exported saffron, urea, polyethylene grade film, floorings, non-alloy iron and steel to EU member states.

In exchange, major commodities imported into Iran from EU states included field corn, soybean, oilcake, auto parts, barley and pharmaceuticals.

In terms of trade value, Germany topped the list among EU members with bilateral trade standing at 801,658 tons worth $2.72 billion, down by 27.69% and 21.08% in tonnage and value respectively YOY.

Exports to Germany amounted to 119,226 tons worth $254.47 million to register a 139.47% growth in tonnage and 29.48% decrease in value YOY.

Germany was Iran’s second biggest export destination among EU states and 17th worldwide.

In return, Germany exported 682,432 tons of commodities worth $2.47 billion to Iran, down by 35.55% and 20.1% in tonnage and value respectively YOY.

Germany was the top exporter of goods to Iran among EU states and fifth in the world.

Major Iranian commodities exported to Germany were offal, polystyrene, floorings and antiserum. In return, Germany exported graphic electrodes used in furnaces, antiserum, barley, machinery and pharmaceuticals.

Italy was Iran’s second biggest trading partner among EU members during the 12 months, as two-way commercial exchanges stood at 661,742 tons worth $1.42 billion to register a 36.35% and 23.56% decline in tonnage and value respectively YOY.

Iran exported 468,133 tons of goods worth $276.36 million to Italy, down by 38.78% and 34.6% in tonnage and value respectively YOY.

Italy was Iran’s top export destination among EU countries and 16th in the world during the period.

Iran’s exports to Italy included non-alloy iron/steel ingots, methanol, vehicles parts and semi-finished non-alloy iron/steel products.

Iran imported 148,609 tons of commodities worth $1.14 billion from Italy, down 27.26% and 20.31% in tonnage and value respectively YOY, which mainly constituted screw air compressors, industrial furnace parts and baking machinery.

Italy was the third exporter of goods to Iran among EU states and 10th exporter in the world.

The Netherlands was Iran’s third major trading partner among the states under review.

Mutual trade between Iran and the Netherlands amounted to 2.66 million tons worth $1.2 million, indicating an 11.78% and 21.15% decrease in tonnage and value respectively YOY.

Iran’s exports reached 71,201 tons worth $41.04 million, down 58.1% and 50.13% in tonnage and value respectively YOY, while the Netherlands’ exports to Iran amounted to 2.59 million tons worth $1.15 billion, down by 9.02% and 19.49% in tonnage and value respectively YOY.

The Netherlands was Iran’s seventh export destination and the second exporter of goods to Iran among EU states. The country was Iran’s 42nd export destination and ninth exporter to Iran in the world.

Chemical elements, alloy steel bars, ferromolybdenum and ferrochrome were Iran’s main goods exported to the Netherlands, while the latter mainly exported field corn, soybean, medical utilities, sunflower seed oil and barley.

Spain was Iran’s third biggest export destination, after Italy and Germany, among EU states and 30th in the world, as Iran exported 46,179 tons worth $117.83 million to Spain during the 12 months, down by 67.58% and 28.7% in tonnage and value respectively YOY.

Iran mainly exported saffron, polyethylene grade film and pistachios to Spain.

Highest Growths, Declines in Trade

Trade with Malta (at $8.46 million), Austria ($573.23 million) and Croatia ($6.73 million) saw the highest YOY growths of 1,884%, 56.76% and 39.75% respectively, while trade with Lithuania (at $4.27 million), Sweden ($354.67 million) and Latvia ($169,739) witnessed the lowest declines of 68.75%, 51.07% and 44.95% respectively.

Iran’s exports to Malta (at $8.36 million), Croatia ($3.65 million) and Bulgaria ($70.08 million) saw the highest growths of 3,205.35%, 181.33% and 57.6% respectively, while exports to Lithuania (at $2,180), the Netherlands ($41.04 million) and Slovenia ($7.42 million) witnessed the highest declines of 74.72%, 50.13% and 50.09% respectively.

Imports from Austria (at $553.53 million), Greece ($25.77 million) and Latvia ($3.67 million) saw the highest growths of 64.06%, 23.05% and 16.72% respectively, while imports from Lithuania (at $2.09 million), Sweden ($341.64 million) and Hungary ($22.09 million) witnessed the highest declines of 58.56%, 51.61% and 43.34% respectively.