Iran's Non-Oil Trade With Latin America Crosses $800m in Fiscal 2018-19

EghtesadOnline: Iran traded 1.1 million tons of non-oil commodities worth $816.76 million with Latin American countries in the last fiscal year (ended March 20, 2019) to register a 22.28% and 29.88% decline in tonnage and value respectively compared to the year before.

News ID: ۷۴۷۳۷۵

20 May 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 43,491 tons worth $27.17 million during the year, indicating a 78.78% and 61.19% reduction in tonnage and value respectively year-on-year.

Imports stood at 1.06 million tons worth $789.58 million, down 12.76% and 27.88% in tonnage and value respectively YOY.

Latin America is a group of 20 countries and 13 dependencies in the Western Hemisphere where Romance languages such as Spanish, French and Portuguese are predominantly spoken. The region covers an area stretching from the northern border of Mexico to the southern tip of South America, including the Caribbean. It is spread over approximately 19,197,000 square kilometers, almost 13% of the Earth's land surface area, Financial Tribune reported.

Main Commodities, Trading Partners

Iran mainly exported non-alloy semi-finished iron/steel products, machinery, floorings, textile products, pistachios, float glass and dried grapes to Latin American states.

In exchange, major commodities imported into Iran from Latin American states included boneless frozen cow parts, oilcake, field corn, soybean oil, sunflower oil, cooking bananas and tractor parts.

In terms of total trade value, Brazil topped the list among Latin American nations with Iran trade standing at 634,620 tons worth $506.62 million, up 14.52% in tonnage and down 27.97% in value YOY.

Exports to Brazil amounted to 38,726 tons worth $17.3 million to register a 4.6% and 39.45% decline in tonnage and value respectively YOY.

The largest country in both South America and Latin America was Iran’s top export destination among the countries under review and 65th in the whole world.

In return, Brazil exported 595,895 tons of commodities worth $489.31 million to Iran, up by 16.03% in tonnage and down 27.49% in value YOY.

Brazil was the top exporter of goods to Iran among Latin American countries and 15th in the world.

Major Iranian commodities exported to Brazil were non-alloy semi-finished iron/steel products, float glass, dried grapes and floorings.

Brazil mainly exported boneless frozen cow parts, field corn, tractor parts, sugar and soybean to Iran.

Argentina was Iran’s second biggest trading partner in Latin America during the 12 months, as two-way commercial exchanges stood at 161,501 tons worth $128.17 million to register a 26.25% and 26.09% increase in tonnage and value respectively YOY.

Iran exported 96 tons of goods worth $139,170 to Argentina, down by 86.16% and 88.01% in tonnage and value respectively YOY.

Argentina was Iran’s eighth export destination in Latin America during the period.

Iran’s exports to Argentina included dried grapes, automobile radiators, glass dishware and floorings.

Iran imported 161,405 tons of commodities worth $128.03 million from Argentina, up 26.86% and 28.02% in tonnage and value respectively YOY, which mainly included soybean oil, sunflower oil, oilcake and pod vegetables.

Argentina was the second exporter of goods to Iran among the countries under review and 30th exporter to Iran in the world.

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

Mutual trade between Iran and Uruguay amounted to 249,195 tons worth $108.1 million, indicating a 42.11% and 35.23% decrease in tonnage and value respectively YOY.

Iran’s exports reached 2 tons worth $70,991, down 98.15% and 77.13% in tonnage and value respectively YOY, while Uruguay’s exports to Iran hit 249,192 tons worth $108.03 million, down by 42.09% and 35.15% in tonnage and value respectively YOY.

Uruguay was Iran’s 11th export destination as well as the third exporter of goods to Iran among Latin American states. The country was the 34th exporter to Iran in the world.

Floorings and kilim (a flat tapestry-woven rug) were Iran’s exports to Uruguay, while Uruguay exported oilcake, butter, wool and shampoo to Iran.

Mexico was Iran’s second export destination among the nations, after Brazil, and 80th in the world, as Mexico exported 2,907 tons worth $4.72 million to Iran during the period, down by 98.12% and 86.35% in tonnage and value respectively YOY.

Iran mainly exported textile products, floorings, pistachios, alabaster and leather to Mexico.

Bolivia was Iran’s third export destination among the countries, after Brazil and Mexico, and 91st in the world, as Bolivia exported 97 tons worth $2.36 million to Iran during the 12 months, up by 1,208.83% and 593.84% in tonnage and value respectively YOY. Iran mainly exported machinery and floorings to Bolivia.

Highest Growths, Declines in Trade

Trade with Bolivia ($2.36 million), Dominican Republic ($58,579) and Venezuela ($491,650) saw the highest YOY growths of 593.84%, 572.94% and 35.43% respectively, while trade with Mexico ($5.86 million), Paraguay ($9.2 million) and Ecuador ($47.32 million) witnessed the lowest declines of 83.84%, 74.15% and 55.25% respectively.

Iran’s exports to Dominican Republic ($55,874), Bolivia ($2.36 million) and Ecuador ($204,510) saw the highest growths of 831.23%, 593.84% and 61.5% respectively, while exports to Paraguay ($15,548), Peru ($51,190) and Argentina ($139,170) witnessed the highest declines of 93.93%, 90.25% and 88.01% respectively.

Imports from Argentina ($128.03) saw highest growth of 28.02%, while imports from Paraguay ($9.19 million), Ecuador ($47.12 million) and Peru ($1.57 million) witnessed the highest declines of 74.01%, 55.39% and 45.06% respectively.