$31m in Iran's Non-Oil Trade Surplus With ASEAN

EghtesadOnline: Iran traded 537,456 tons of non-oil commodities worth $219.09 million with the member states of the Association of Southeast Asian Nations during the first Iranian month (March 21-April 20) to register a 31.42% and 40.19% decline in tonnage and value respectively compared with last year’s same month.

News ID: ۷۴۷۵۴۷

15 June 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 325,387 tons worth $125.25 million during the month to April 20, indicating a 34.01% and 46.39% decline in tonnage and value respectively year-on-year.

Imports stood at 212,069 tons worth $93.84 million, down 27.03% and 29.29% in tonnage and value respectively YOY.

As a result, Iran recorded a non-oil trade surplus of $31.41 million with ASEAN states, Financial Tribune reported.

ASEAN is a regional intergovernmental organization comprising 10 countries, namely Indonesia, Thailand, Singapore, Malaysia, Vietnam, the Philippines, Myanmar, Cambodia, Brunei and Laos, which promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and socio-cultural integration among its members and other countries in Asia.

A major partner of Shanghai Cooperation Organization, ASEAN maintains a global network of alliances and dialogue partners and is considered by many as a global powerhouse, the Central Union for Asia-Pacific Cooperation, and a prominent and influential organization. It is involved in numerous international affairs and hosts diplomatic missions throughout the world.

Main Commodities, Trading Partners

Iran mainly exported non-alloy semi-finished iron/steel products, non-alloy iron/steel ingots, bitumen, alloy steel rolled coil, sulfur and hot-rolled steel bars to ASEAN states.

In exchange, major commodities imported into Iran from ASEAN nations included field corn, palm oil, semi- and wholly-milled rice, medium-density fiber, cooking bananas and natural rubber.

In terms of total trade value, Indonesia topped the list among ASEAN nations with Iran trade at 192,059 tons worth $75.87 million, down by 13.64% and 30.19% in tonnage and value respectively YOY.

Exports to Indonesia amounted to 190,664 tons worth $73.93 million to register an 11.69% and 25.93% declines in tonnage and value respectively YOY.

Indonesia was Iran’s top export destination among the countries under review and ninth in the whole world.

In return, Indonesia exported 1,395 tons of commodities worth $1.94 million to Iran, down by 78.55% and 78.08% in tonnage and value respectively YOY.

Indonesia was the fifth exporter of goods to Iran among ASEAN countries and 41st in the world.

Major Iranian commodities exported to Indonesia were non-alloy semi-finished iron/steel products, non-alloy iron/steel ingots, radar devices and bitumen.

In exchange, Indonesia exported coconut, paperboard paper, natural rubber, coffee and palm oil to Iran.

Thailand was Iran’s second biggest trading partner among ASEAN nations during the period under review, as two-way commercial exchanges stood at 133,390 tons worth $58.18 million to register a 51.46% and 55.77% decline in tonnage and value respectively YOY.

Iran exported 82,969 tons of goods worth $34.32 million to Thailand, down by 64.43% and 68.52% in tonnage and value respectively YOY.

Thailand was Iran’s second export destination among ASEAN countries and 10th in the world during the one-month period.

Iran’s exports to Thailand included non-alloy semi-finished iron/steel products, non-alloy iron/steel ingots and non-alloy steel rolled coil.

Iran imported 50,421 tons of commodities worth $23.86 million from Thailand, up 21.32% and 5.94% in tonnage and value respectively YOY, which mainly consisted of semi- and wholly-milled rice, medium-density fibers, frozen sweet corn and medicinal products.

Thailand was the second exporter of goods to Iran among neighbors and 15th exporter to Iran.

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

Mutual trade between Iran and Singapore amounted to 145,768 tons worth $51.21 million, indicating a 31.6% and 24.11% decrease in tonnage and value respectively YOY.

Singapore was the biggest exporter to Iran and Indonesia was the biggest destination for Iranian non-oil products during the period under review

Iran’s exports reached 51 tons worth $237,751, down 85.01% and 74.3% in tonnage and value respectively YOY, while Singapore’s exports to Iran were at 145,717 tons worth $50.97, down by 31.51% and 23.41% in tonnage and value respectively YOY.

Singapore was Iran’s sixth export destination and the top exporter of goods to Iran among ASEAN states. It was Iran’s 62nd export destination and 11th exporter to Iran in the world.

Pistachios, floorings and saffron were Iran’s main exports to Singapore, while Singapore exported field corn, palm oil, hearing aids and polyurethane to Iran.

Vietnam was Iran’s third export destination among the nations, after Indonesia and Thailand, and 24th in the world, as Iran exported 32,470 tons worth $7.73 million to Vietnam during the period. Iran exported sulfur, bitumen, saffron and frozen chicken to Vietnam.

This is while Malaysia was Iran’s third export destination among the nations, after Singapore and Thailand, and 20th in the world, as Malaysia exported 7,331 tons worth $10.99 million to Iran during the month, up by 12.22% and 13.25% in tonnage and value respectively YOY.

Iran mainly imported cocoa butter substitute, natural rubber, mineral oils and chemicals from Malaysia.

Highest Growths, Declines in Trade

Trade with Myanmar ($4.64 million) saw a growth of 21.51% YOY, while trade with the Philippines ($4.86 million), Thailand ($58.18 million) and Vietnam ($9 million) witnessed the lowest declines of 78.77%, 55.77% and 39.09% respectively.

Iran’s exports to Myanmar ($4.65 million) saw a growth of 21.51% YOY, while exports to the Philippines ($80,430), Singapore ($237,751) and Thailand ($34.32 million) witnessed the lowest declines of 85.94%, 74.3% and 68.52% respectively.

Imports from Malaysia ($10.99 million) and Thailand ($23.86 million) witnessed the highest increase of 23.25% and 5.94% YOY respectively, while imports from the Philippines ($4.78 million), Indonesia ($1.94 million) and Vietnam ($1.26 million) witnessed the highest declines of 78.59%, 78.08% and 52.75% respectively YOY.