Iran's Non-Oil Trade With OECD States Tops $1.3 Billion in 1 Month

EghtesadOnline: Iran traded 1.75 million tons of non-oil commodities worth $1.35 billion with member states of the Organization for Economic Cooperation and Development during the first Iranian month (March 21-April 20) to register a 7.13% growth in tonnage and a 4.94% decline in value compared with last year’s same month.

News ID: ۷۴۷۵۷۹

17 June 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 811,123 tons worth $406.44 million during the month to April 20, indicating a 14.29% rise in tonnage and 6.4% decrease in value year-on-year.

Imports stood at 940,780 tons worth $946.02 million, up 1.62% in tonnage and down 4.44% in value YOY.

As such, Iran recorded $539.57 million in non-oil trade deficit with OECD states, Financial Tribune reported.

OECD is an intergovernmental economic organization with 36 member countries, founded in 1961, to stimulate economic progress and world trade. It is a forum of countries committed to market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members.

Main Commodities, Trading Partners

Iran mainly exported gas condensates, urea, non-alloy iron/steel ingots, non-ally zinc, film grade polyethylene, copper, watermelon and non-alloy aluminum to the OECD states.

In exchange, major commodities imported into Iran from OECD nations included soybean, butter, oilcake, field corn, machinery parts and barley.

In terms of total trade value, Turkey topped the list among ASEAN nations with Iran trade standing at 491,247 tons worth $464.63 million, up by 76.76% and 77.76% in tonnage and value respectively YOY.

Exports to Turkey amounted to 357,764 tons worth $118.93 million to register a 27.79% rise in tonnage and 7.33% decline in value YOY.

Turkey was Iran’s second export destination among the countries under review and sixth in the whole world.

In return, Turkey exported 233,483 tons of commodities worth $345.69 million to Iran, up by 206.38% and 159.84% in tonnage and value respectively YOY.

Turkey was the top exporter of goods to Iran among OECD countries and second in the world after China.

Major Iranian commodities exported to Turkey were urea, non-alloy zinc, polyethylene film grade, copper and aluminum.

Turkey mainly exported butter, machinery, field corn, cooking bananas and sheep to Iran.

South Korea was Iran’s second biggest trading partner among OECD nations during the period, as two-way commercial exchanges stood at 511,565 tons worth $315.41 million to register a 19.8% rise in tonnage and 8.84% decline in value YOY.

Iran exported 484,508 tons of goods worth $250.07 million to South Korea, up by 30.86% and 24.06% in tonnage and value respectively YOY.

South Korea was Iran’s top export destination among OECD countries and third in the world during the month.

Iran’s exports to South Korea included gas condensates, copper concentrate, float glass, marble and saffron. It imported 27,057 tons of commodities worth $65.33 million from South Korea, down 52.34% and 54.75% in tonnage and value respectively YOY, most of which comprised auto parts, steel alloy rolled coil and transportation vehicles.

South Korea was the sixth exporter of goods to Iran among the member states and ninth in the world.

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

Mutual trade between Iran and Germany amounted to 115,984 tons worth $139.46 million, up by 166.34% and 1.16% in tonnage and value respectively YOY.

Iran’s exports reached 43,041 tons worth $19.67 million to register a 1,239% and 91.37% growth in tonnage and value respectively YOY, while Germany’s exports to Iran reached 72,943 tons of commodities worth $119.79 million to Iran, up by 80.84% in tonnage and down 6.11% in value YOY.

Germany was Iran’s third export destination as well as the third exporter of goods to Iran among OECD states. The country was Iran’s 15th export destination and sixth exporter to Iran in the world.

Non-alloy iron/steel ingots, antiserum, polystyrene, floorings and saffron were Iran’s main exports to Germany, while Germany exported machinery, barley, graphite electrodes used in furnaces and synthetic fibers to Iran.

The Netherlands was the second biggest exporter to Iran among OECD nations, after Turkey, and fifth in the world, as the Netherlands exported 326,032 tons worth $129.21 million to Iran during the month, up by 382.72% and 217.93% in tonnage and value respectively YOY.

Iran mainly imported soybean, field corn, oilcake, medicinal products and mining machinery from the Netherlands.

Highest Growths, Declines in Trade

Trade with Ireland ($3.82 million), the Netherlands ($130.33 million) and Latvia ($84,915) saw the highest growths of 195.57%, 190.61% and 158.89% respectively YOY, while trade with Japan ($2.09 million), Mexico ($70,176) and Lithuania ($16,732) witnessed the lowest declines of 96.64%, 93.36% and 91.13% respectively.

Iran’s exports to Latvia ($84,915), Finland ($1,824) and Germany ($19.67 million) saw the growths of 158%, 92% and 91.37% YOY, while exports to the US ($5,314), Japan ($428,827) and Slovenia ($62,268) witnessed the lowest declines of 99.59%, 98.94% and 97.07% respectively.

Imports from the Netherlands ($129.21 million), Ireland ($3.82 million) and Austria ($32.49 million) witnessed the highest rises of 217.93%, 195.57% and 170.51% YOY respectively, while imports from Mexico ($16,389), Japan ($1.67 million) and Switzerland ($28.18 million) witnessed the highest declines of 92.95%, 92.43% and 82.56% respectively YOY.