Intermediate Goods Account for 63 Percent of All Iran Imports

EghtesadOnline: Iran’s imports during the first month of the current Iranian year that ended on April 20 stood at $2.3 billion.

News ID: ۷۴۷۴۵۲

29 May 2019

Intermediate goods accounted for $1.46 billion or 63% of total imports, capital goods for $306 million or 13% and consumer goods made up $510 million or 22% of the total sum, the Persian business daily, Donya-e-Eqtesad reported, citing data released by the Trade Promotion Organization of Iran.

Imports of products classified as “others” also hovered around $58 million or 2.5% of overall imports.

Imports of products classified as “others” constituted 2.5% of total imports during the one-month period, Financial Tribune reported.

An intermediate good is a product utilized to produce a final good or finished product. These goods are sold between industries for the resale or for the production of other goods. Examples include steel, wood, glass, gold and silver.

Consumer goods are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing, and are what a consumer will see on the store shelf. Clothing, food and jewelry are all examples of consumer goods.

Capital goods are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services to produce consumer goods and goods for other businesses.

According to Islamic Republic of Iran Customs Administration, a total of 2.08 million tons of goods worth $2.33 billion were imported into Iran during the one month under review, up 7.75% in weight, but down 7.65% in value over last year’s similar period.

Major exporters to Iran during the period were China, Turkey, the UAE, India and the Netherlands.

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.

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 month ending April 20 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 worth $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 country’s overall imports during the first month.