Iran's Non-Oil Trade With E7 at $2.2 Billion in 1 Month

EghtesadOnline: Iran traded 5.3 million tons of non-oil commodities worth $2.25 billion with the E7 group of countries during the first Iranian month (March 21-April 20) to register a 46.47% rise in tonnage and a 1.93% decrease in value compared with last year’s same month.

News ID: ۷۴۷۶۴۸

23 June 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 4.39 million tons worth $1.07 billion during the month to April 20, indicating a 41.79% growth in tonnage and a 10.41% decline in value year-on-year.

Imports stood at 914,626 tons worth $1.18 billion, up 74.07% and 7.36% in tonnage and value respectively YOY.

As a result, Iran recorded $102.27 million in non-oil trade deficit with E7 countries, according to Financial Tribune.

The E7 (short for "Emerging 7") refers to seven countries, namely China, India, Brazil, Mexico, Russia, India and Turkey, grouped together because of their major emerging economies. The term was coined by economists John Hawksworth and Gordon Cookson at PricewaterhouseCoopers in 2006.

Main Commodities, Trading Partners

Iran mainly exported liquefied propane, methanol, film grade polyethylene, urea, non-alloy semi-finished iron/steel products, liquefied butane and ethylene glycol to E7 states.

In exchange, major commodities imported into Iran from E7 nations included semi- and wholly-milled rice, butter, machinery parts, field corn, auto parts, graphite electrodes, sugar and oilcake.

In terms of total trade value, China topped the list among E7 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 both among E7 countries and in the world.

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 E7 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, chemicals, pipes, coal and coke to Iran.

Turkey was Iran’s second biggest trading partner among E7 nations during the period, as two-way commercial exchanges stood at 491,247 tons worth $464.63 million, up by 76.76% and 77.76% in tonnage and value respectively YOY.

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

Turkey was Iran’s second export destination among E7 countries and sixth in the world during the month.

Iran’s exports to Turkey included urea, non-alloy zinc, polyethylene film grade, copper and aluminum.

Iran imported 233,483 tons of commodities worth $345.69 million to Iran, up by 206.38% and 159.84% in tonnage and value respectively YOY, which mainly constituted butter, machinery, field corn, cooking bananas and sheep.

Turkey was the second exporter of goods to Iran among the E7 and second exporter to Iran in the world.

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

Trade between Iran and India amounted to 1.09 million tons worth $440 million to register a 13.34% and 36.34% increase in tonnage and value respectively YOY.

Iran’s exports reached 747,511 tons of goods worth $116.72 million to India, down 15.93% and 46.78% in tonnage and value respectively YOY, while India’s exports to Iran were at 350,348 tons of commodities worth $323.27 million, up by 340.98% and 212.65% in tonnage and value respectively YOY.

India was Iran’s third export destination as well as the third exporter of goods to Iran among E7 states. It was Iran’s seventh export destination and fourth exporter to Iran in the world.

Methanol, ethylene glycol and bitumen were Iran’s exports to India, while India exported semi- and wholly-milled rice, sugar, oilcake, aluminum oxide, tea and graphite electrodes to Iran.

Highest Growths, Declines in Trade

Trade with Turkey ($464.63 million) and India ($440 million) saw growths of 77.76% and 36.34% respectively YOY, while trade with Mexico ($70,176), Russia ($87.84 million) and Indonesia ($75.87 million) witnessed the lowest declines of 93.36%, 54.61% and 30.19% respectively.

Iran’s exports to Brazil ($32.28 million) grew by 28,622% YOY, while exports to Mexico ($53,787), India ($116.72 million) and Indonesia ($73.93 million) witnessed the lowest declines of 93.48%, 46.78% and 25.93% respectively.

Imports from India ($323.27 million) and Turkey ($323.27 million) witnessed the highest growths of 212.65% and 159.84% YOY respectively, while imports from Mexico ($16,389), Brazil ($14.05) and Indonesia ($1.94 million) witnessed the highest declines of 92.95%, 78.47% and 78.08% respectively YOY.