Iraq Top Destination of Iran's Mineral Exports

EghtesadOnline: Iraq was the biggest importer of Iran's mineral products worth $1.93 billion in the last fiscal year that ended on March 20, 2019.

News ID: ۷۴۷۲۱۴

04 May 2019

According to data released by the Iranian Mines & Mining Industries Development & Renovation, a total of 9.67 million tons of different mineral products were exported from Iran to neighboring country last year.

In terms of weight, however, China was the biggest export destination as it imported 19.22 million tons.

According to Secretary-General of Iran-Iraq Chamber of Commerce, Hamid Hosseini, Iran's mineral exports to Iraq last year mainly included non-precious metals worth $1.13 billion, which experienced a 50% rise compared with the year before, according to Financial Tribune.

The bulk of exports included steel products worth more than $1 billion, as well as copper products worth $71 million.

China, the second biggest importer of Iranian mineral products value-wise, shipped in $1.49 billion worth of goods last year.

It was followed by the UAE with 4.36 million tons worth $815 million, Turkey with 800,000 tons worth $711 million, Indonesia with 1.7 million tons worth $588 million, Afghanistan with 2.92 million tons worth $577 million, Thailand with 1.31 million tons worth $536 million, Oman with 1.29 million worth $309 million, India with 3.63 million tons worth $286 million and Egypt with 478,000 tons worth $202 million.

$9.2b in Total Mineral Exports

Iran exported a total of 57.7 million tons of mineral products worth $9.22 billion last year, down 5% and 2% in tonnage and value respectively compared to the year before.

Semi-finished and finished steel products took the lion’s share of exports in terms of value, as about 8.9 million tons worth about $4.11 billion were shipped overseas, up 3% and 17% YOY in volume and value respectively.

The category of “other mineral products” came second with 9.75 million tons worth $1.35 billion. The volume and value of shipments grew 15% and 9% respectively YOY.

Copper and downstream products came third with 365,070 tons worth $917.53 million, down by 52% in tonnage and up by 13% in value YOY.

This was followed by cement with 13.71 million tons valued at $420.25 million, up 3% and down 17% in tonnage and value respectively YOY.

Mineral commodities exported from Iran during the period under review included iron ore concentrate with 5.87 million tons worth $380.95 million, stones with 5.87 million tons worth $342.13 million, metals with 207,050 tons worth $318.6 million, iron ore (fines/lumps) with 8.84 million tons worth $258.75 million, zinc with 121,220 million tons worth $255.81 million, iron ore (pellet) with 2.78 million tons worth $201.92 million, aluminum with 92,490 tons worth $178.05 million, lead with 99,030 tons worth $128.01 million, direct-reduced iron with 533,620 tons worth $105.17 million and ferroalloy with 50,440 tons worth $73 million.

Other exported minerals were coal and coke with 425,420 tons worth $72.61 million, chrome with 316,870 tons worth $55.46 million, molybdenum with 3,140 tons worth $32.94 million, pottery and bricks with 85,940 tons worth $11.44 million, antimony with 930 tons worth $1.78 million, titanium with 150 tons worth $0.39 million, mining equipment with 100 tons worth $0.2 million, alumina powder with 220 tons worth $0.16 million, precious metals with 50 tons worth $0.16 million, mica with 80 tons worth $0.04 million and nickel with 10 tons worth $0.03 million.

The import of mineral products during the same period stood at 3.34 million tons worth $3.57 billion, down 41% in tonnage and 34% in value year-on-year.

The country recorded a mineral trade surplus of $5.65 billion in the fiscal 2018-19.

Mineral exports had a 49% share in tonnage and a 21% share in value of Iran’s total non-oil exports during the 12-month period (117.22 million tons worth $44.31 billion).

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.

2nd Biggest Non-Oil Export Destination

Besides being the main destination of Iran's mineral products, Iraq was the second biggest importer of non-oil goods from Iran in terms of value last year after China.

Among Iran's 15 neighboring countries, Iraq was the top destination.

Iraq’s imports from Iran last year grew by 49% in weight and 37% in value to reach 19.76 million tons worth $8.9 billion.

This means mineral products had a 21.68% share from Iran's non-oil exports to Iraq.

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

Iran's non-oil exports to Iraq saw a rise of 36.71%--the highest among Iran's 15 neighboring countries.

According to Minister of Industries, Mining and Trade Reza Rahmani, Iran was the biggest exporter to Iraq last year.

"This is the first time Iran tops the list of exporters to neighboring Iraq … We need to keep this status using our full potential, as our rivals Turkey and China trail closely behind the Islamic Republic," the minister was quoted as saying by IRNA.