BRICS Account for 35% of Iran’s Non-Oil Trade

EghtesadOnline: Iran traded 4.62 million tons of non-oil commodities worth $1.71 billion with BRICS nations during the first Iranian month (March 21-April 20), registering a 48.02% rise in tonnage and 11.15% decline in value compared with last year’s same month.

News ID: ۷۴۷۴۶۰

01 June 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 3.94 million tons worth $886.08 million during the month, indicating a 47.13% growth in tonnage and 9.2% decrease in value year-on-year.

Imports stood at 679,803 tons worth $833.56 million, up 53.36% in tonnage and down 13.13% in value YOY.

The above figures indicate a trade surplus of $52.52 million in favor of Iran, according to Financial Tribune.

BRICS is the acronym for the association of five major emerging economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010.

They are all leading developing or newly industrialized countries distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members.

IRICA statistics show Iran’s overall non-oil foreign trade stood at $4.87 billion during the month to April 20. When compared with IRICA's data for last year’s similar month, foreign trade during the period indicates a 13.5% decrease year-on-year.

Overall exports hit 8.52 million tons worth $2.54 billion during the month to register a 7.66% increase in weight but an 18.25% decline in value YOY.

Imports amounted to 2.08 million tons worth $2.33 billion, up 7.75% in weight. Imports saw a decline of 7.65% in value over last year’s similar period.

The above figures suggest that Iran's non-oil trade with BRICS nations accounted for 35.23% of the country's overall foreign trade during the one-month period.

Exports to this select group of countries accounted for 34.78% of overall exports, as 35.71% of overall imports came from these five nations.

Main Commodities, Trading Partners

Iran mainly exported liquefied propane, methanol, film grade polyethylene, liquefied butane, ethylene glycol and urea to BRICS member countries.

In exchange, major commodities imported into Iran from BRICS nations included semi- and wholly-milled rice, auto parts, graphite electrodes used in furnaces, sugar, oilcake and field corn.

In terms of total trade value, China topped the list among BRICS member states with Iran trade standing at 3.11 million tons worth $1.14 billion, up by 61.88% in tonnage and down 15.27% in value YOY.

Exports to China amounted to 2.93 million tons worth $711.19 million to register a 69.91% increase in tonnage and 2.27% decrease in value YOY.

China was Iran’s top export destination among the countries under review as well as in the world during the year.

In return, China exported 177,510 tons of commodities worth $434.01 million to Iran, down by 9.12% and 30.44% in tonnage and value respectively YOY.

China was the top exporter of goods to Iran among BRICS members and also in the world.

Major Iranian commodities exported to China were liquefied propane, methanol and film grade polyethylene.

China mainly exported auto parts, graphite electrodes used in furnaces, chemicals, pipes, coal and coke to Iran.

India was Iran’s second biggest trading partner among BRICS nations during the month, as two-way commercial exchanges stood at 1.09 million tons worth $440 million to register a 13.34% and 36.34% increase in tonnage and value respectively YOY.

Iran exported 747,511 tons of goods worth $116.72 million to India, down 15.93% and 46.78% in tonnage and value respectively YOY.

India was Iran’s second export destination among BRICS members and seventh in the world during the period.

Iran’s exports to India mainly included methanol, ethylene glycol and bitumen. It imported 350,348 tons of commodities worth $323.27 million from India, up by 340.98% and 212.65% in tonnage and value respectively YOY, a majority of which were semi- and wholly-milled rice, sugar, oilcake, aluminum oxide, tea and graphite electrodes used in furnaces.

India was the second exporter of goods to Iran among the nations under review and fourth exporter to Iran in the world.

Russia was Iran’s third major trading partner among BRICS states.

Mutual trade between Iran and Russia amounted to 213,886 tons worth $87.84 million, indicating a 48.45% rise in tonnage and 54.61% decline in value YOY.

Iran’s exports reached 65,000 tons worth $25.71 million, up 1.77% in tonnage and down 8.58% in value YOY, while Russia’s exports to Iran were at 148,386 tons worth $62.12 million, up by 86.15% in tonnage and down 62.44% in value YOY.

Russia was Iran’s fourth export destination as well as the third exporter of goods to Iran among BRICS members. The country was Iran’s 13th export destination and 10th exporter to Iran in the world.

Kiwi, tomatoes, cabbage, pistachios and dairy products were Iran’s main goods exported to Russia, while it exported mainly field corn, sunflower oil, barley and radio navigation devices to Iran in exchange.

Brazil was Iran’s third export destination, after China and India, among BRICS countries and 11th in the world, as Iran exported 197,427 tons worth $32.28 million to Brazil during the one-month period, up by 198,024% and 28,622% in tonnage and value respectively YOY.

Iran exported urea and raisins to Brazil.

Highest Growths, Declines in Trade

Trade with India ($440 million) saw the highest YOY growth of 36.34%, while trade with South Africa ($243,235), Russia ($87.84 million) and Brazil ($46.34 million) witnessed the lowest declines of 88.58%, 54.61% and 29.14% respectively.

Iran’s exports to Brazil ($32.28 million) saw the highest growth of 28,622%, while exports to South Africa ($155,745), India ($116.72 million) and Russia ($25.71 million) witnessed the highest declines of 73.55%, 46.78% and 8.58% respectively.

Imports from India ($323.27 million) saw the highest growth of 212.65% while imports from South Africa ($87,490), Brazil ($14.05 million) and Russia ($62.12 million) witnessed the highest declines of 94.32%, 78.47% and 62.44% respectively.