Iran's Non-Oil Trade Surplus Tops $1.3 Billion in Q1

EghtesadOnline: Iran recorded a non-oil trade surplus of $1.3 billion in the first three months of the current fiscal year (started March 21).

News ID: ۷۴۷۷۹۶

08 July 2019

According to a report by Persian daily "Iran" based on data provided by Trade Promotion Organization of Iran, the country’s overall non-oil foreign trade during the period stood at $21.7 billion.

Overall, Iran’s exports stood at $11.5 billion to register a 1.2% decline year-on-year.

Iran’s imports reached $10.2 billion in Q1, registering a decline of 8.7% compared with the similar period of last year, according to Financial Tribune.

Liquefied natural gas ($2.8 billion), liquefied propane ($609 million), light oils ($470 million), gas condensates ($412 million) and methanol ($328 million) were Iran’s main exported commodities.

“Iran exports fewer than 130 goods, each of which earns $50 million. Together, they make up $37 billion of Iran’s annual exports,” IRNA quoted Mohammad Reza Modoudi, caretaker of TPO, as saying.

“This means that 81% of Iran’s overall exports depend on 130 items.”

Iran’s foreign trade destinations are undergoing changes these days. Exporters are now shifting to regional markets to bypass US sanctions.

In fact, expansion of exports to regional countries is the fruit of the government’s active diplomacy with neighboring countries.

Turkey and Iraq are now overtaking the UAE and Afghanistan as Iran’s favorite export destinations. In the meantime, China and the UAE, which used to be major exporters to Iran, are being replaced by Turkey and India.

Top export destinations during the three-month period under TPO review were China accounting for 23% of Iran’s total exports, Iraq (21%), Turkey (19%), the UAE (8%) and Afghanistan (5%).

Exports to China stood at $2.64 billion in Q1 to register an 18% growth year-on-year.

Iraq bought $2.38 billion worth of non-oil goods from Iran, indicating a 35% increase compared with the same period of last year.

Exports to Turkey jumped by 430% to reach $2.23 billion in the three-month period.

Iran’s exports to the UAE and Afghanistan declined by 56% and 31% to hit $925 million and $535 million, respectively.

China, the UAE, Turkey, India and Germany were main exporters to Iran in the quarter ending June 21.

Imports from China and the UAE were down 19% and 8% in Q1 to reach $2.34 billion and $1.54 billion, respectively.

Turkey and India’s three-month exports to Iran climbed 129% and 131% to hit $1.26 billion and $1.24 billion, respectively.

Iran’s imports from Germany dropped by 10% to reach $514 million.

Iran’s imports mainly included rice ($704 million), field corn ($583 million), soybean press cake ($335 million), green beans ($303 million) and butter ($262 million).