Iran's Non-Oil Foreign Trade Tops $4.8b

EghtesadOnline: Iran's non-oil foreign trade during the first month of the current fiscal year (March 21-April 20) stood at $4.87 billion.

News ID: ۷۴۷۲۷۵

08 May 2019

Compared with statistics provided by the Islamic Republic of Iran Customs Administration, foreign trade indicates a 13.5% decrease compared with the same month of last year.

The country recorded a non-oil trade surplus of $213 million for the month.

Overall, exports hit 8.52 million tons worth $2.54 billion during the month to April 20 to register a 7.66% increase in weight, but an 18.25% decline in value year-on-year, Financial Tribune reported.

Imports amounted to 2.08 million tons worth $2.33 billion, up 7.75% in weight, but down 7.65% in value over last year’s corresponding period, IRICA data show.

Main Destinations, Exported Commodities

Iran’s top export destinations were China with $711 million, Iraq with $389 million, South Korea with $250 million, the UAE with $231 million and Afghanistan with $140 million during the period under review.

Exports to China increased by 69.9% in weight but dropped by 2.27% in value YOY.

Iraq’s imports from Iran decreased by 3.14% in weight and 1.08% in value.

Exports to South Korea grew by 30.86% YOY in tonnage and 24.06% in value while exports to the UAE plummeted by 38.19% in weight and 57.98% in value compared with the year before.

Afghanistan’s imports from Iran decreased by 7.42% in weight and 18.23% in value YOY.

The average price of each ton of exported commodities hovered around $299, down 24.06% compared with the previous year’s same period.

By “non-oil”, IRICA refers to all commodities, except crude oil. Therefore, oil-driven products and byproducts, as well as petrochemical products, are still categorized as non-oil.

IRICA categorizes non-oil exports into three groups: “petrochemicals”, “gas condensates” and “others”.

A total of 2.32 million tons of petrochemicals worth $881 million were exported last year, registering an increase of 18.36% in weight but a decrease of 15.19% in value compared with the previous year. In fact, petrochemicals accounted for 27.26% of Iran’s overall non-oil exports in weight and 34.57% in value.

Exports of gas condensates stood at 674,000 tons worth $348 million in Farvardin, followed by “other light oils and their products, except gasoline” worth $147 million, liquefied propane worth $144 million, methanol worth $100 million and non-alloy semi-finished iron/steel products worth $90 million.

Exports of non-oil products, including carpets, as well as agricultural, industrial and mining products, are classified within “others” group fell in the neighborhood of 5.52 million tons worth $1.31 billion in the month ending April 2, indicating a growth of 8.48% in weight but a decline of 19.11% in value YOY. “Other items” accounted for 64.84% of Iran’s total exports in weight and 51.75% in value.

Main Exporters to Iran, Imported Commodities

Major exporters to Iran during the first month of the current Iranian year were China, Turkey, the UAE, India and the Netherlands.

In the same month, imports from China dropped by 9.12% in weight and 30.44% in value year-on-year to reach 178,000 tons worth $434 million.

This is while imports from Turkey jumped 206.38% in weight and 159.84% in value to hit 233,000 tons worth $346 million.

The UAE’s exports to Iran increased 10.85% in tonnage and 7.41% in value to stand at 167,000 tons worth $338 million.

Imports from India grew 340.98% in weight and 212.65% in value to reach 350,000 tons worth $323 million.

The Netherlands’ exports to Iran surged 382.72% in weight and 217.93% in value in the same period to reach 326,000 tons worth $129 million.

The average price of each ton of imported commodities stood at $1,121, indicating a 14.29% decline compared with last year’s same period.

Iran’s imports over the one-month period mainly included rice ($196 million accounting for 8.38% of total imports), field corn worth $123 million (5.26% of total imports), soybean oilcake worth $98 million (4.2% of total imports), butter worth $91 million (3.9% of total imports) and soybeans worth $75 million or 3.23% of the country’s overall imports during the first month.