Iran's Non-Oil Trade Surplus With Persian Gulf States Tops $290m

EghtesadOnline: Iran recorded $292.91 million in non-oil trade surplus with Persian Gulf littoral states, namely the UAE, Iraq, Kuwait, Qatar, Bahrain and Saudi Arabia, during the first month of the current fiscal year (March 21-April 20).

News ID: ۷۴۷۳۹۸

25 May 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran traded 2.07 million tons of non-oil commodities worth $982.11 million with Persian Gulf states during the month to register a 24.77% and 24.63% decline in tonnage and value respectively compared with the same period of last year.

Iran’s exports totaled 1.9 million tons worth $637.51 million during the period, indicating a 26.98% and 35.42% decrease in tonnage and value respectively year-on-year.

Imports stood at 172,361 tons worth $344.59 million, up 13.06% and 9.04% in tonnage and value respectively YOY, according to Financial Tribune.

Main Commodities, Trading Partners

Iran mainly exported low-density oils, tomatoes, mineral oils, bitumen and watermelon to the Persian Gulf nations.

In exchange, major commodities imported into Iran from the Persian Gulf states included graphite electrodes used in furnaces, butter, coal, machinery and boneless frozen cow parts.

In terms of total trade value, the UAE topped the list among Persian Gulf countries with Iran trade standing at 903,607 tons worth $568.38 million, down by 32.7% and 34.15% in tonnage and value respectively YOY.

Exports to UAE amounted to 737,028 tons worth $230.56 million to register a 38.19% and 57.98% decline in tonnage and value respectively YOY.

The UAE was Iran’s second biggest export destination among the countries under review and fourth in the whole world, after China and Iraq.

In return, the UAE exported 166,579 tons of commodities worth $337.82 million to Iran, up by 10.85% and 7.41% in tonnage and value respectively YOY.

The country was the top exporter of goods to Iran among the regional states and third in the world after China and Turkey.

Major Iranian commodities exported to the UAE were low-density oils, mineral oils and bitumen.

In exchange, the UAE mainly exported graphite electrodes used in furnaces, butter, coal and machinery to Iran.

Iraq was Iran’s second biggest trading partner among Persian Gulf nations during the period, as two-way commercial exchanges stood at 944,845 tons worth $394.23 million to register a 2.8% decline in tonnage and 0.07% growth in value YOY.

Iran exported 939,576 tons of goods worth $388.54 million to Iraq, down by 3.14% and 1.08% in tonnage and value respectively YOY.

Iraq was Iran’s top export destination among the six countries under review and second in the world, after China, during the one-month period.

Iran’s exports to Iraq included tomatoes, watermelon, low-density oils, mineral oils and cheese.

Iran imported 5,269 tons of commodities worth $5.69 million from Iraq, up 150.9% and 378.44% in tonnage and value respectively YOY, a majority of which were chemicals, aluminum alloy, kraft paper and computer networking devices.

Iraq was the second exporter of goods to Iran among the Persian Gulf littoral states and 28th exporter to Iran in the world.

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

Mutual trade between Iran and Kuwait amounted to 182,396 tons worth $10.37 million, indicating a 47.24% and 61.61% decline in tonnage and value respectively YOY.

Iran’s exports reached 181,892 tons worth $9.61 million, down 47.38% and 64.22% in tonnage and value respectively YOY, while Kuwait’s exports to Iran were at 504 tons worth $755,502, up by 675.18% and 439.14% in tonnage and value respectively YOY.

Kuwait was Iran’s third export destination as well as the third exporter of goods to Iran among Persian Gulf states. The country was Iran’s 20th export destination and 57th exporter to Iran in the world during the month.

Clinker, plant products, fish and Portland cement were Iran’s main goods exported to Kuwait, while Kuwait exported natural rubber.

Highest Growths, Declines in Trade

Trade with Iraq ($394.23 million) saw the highest YOY growth of 0.07%, while trade with Kuwait ($10.37 million), Qatar ($8.6 million) and Bahrain ($513,203) witnessed the lowest declines of 61.61%, 52.71% and 34.16% respectively.

Iran’s exports to all the six Persian Gulf states witnessed declines, such that exports to Kuwait ($9.61 million), the UAE ($230.56 million) and Qatar ($8.28 million) saw the highest declines of 64.22%, 57.98%, 54.09% respectively.

Imports from all the six Persian Gulf nations witnessed a year-on-year increase. Imports from Kuwait ($755,502), Iraq ($5.69 million) and Qatar ($325,006 million) witnessed the highest rise of 439.14%, 378.44% and 100.01% respectively.