Iran's Non-Oil Trade With N-11 Increases by 12 Percent

EghtesadOnline: Iran traded 1.53 million tons of non-oil commodities worth $982.74 million with the Next Eleven (N-11) countries during the first Iranian month (March 21-April 20) to register a 4.02% and 12.37% growth in tonnage and value respectively compared with the year before.

News ID: ۷۴۷۹۱۳

20 July 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 1.23 million tons worth $532.38 million during the month, indicating a 3.96% and 1.7% fall in tonnage and value respectively year-on-year.

Imports stood at 292,874 tons worth $450.36 million, up 60.4% and 35.26% in tonnage and value respectively YOY.

As a result, Iran recorded $82.02 million in non-oil trade surplus with the Next Eleven countries, Financial Tribune reported.

The Next Eleven are Iran, Egypt, Indonesia, Bangladesh, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam—identified by Terence James O'Neill, a British economist, in a research paper as having high potentials for becoming, along with the BRICS countries, the world's largest economies in the 21st century.

The criteria used for their selection were macroeconomic stability, political maturity, trade openness and investment policies, and the quality of education.

O'Neill, 62, is best known for coining BRIC, the acronym that stands for Brazil, Russia, India and China—the four rapidly developing countries that have come to symbolize the shift in global economic power.

Main Commodities, Trading Partners

Iran mainly exported gas condensates, non-alloy semi-finished iron/steel products, urea, bitumen, non-alloy zinc and non-alloy iron and steel ingots to N-11 countries.

In exchange, major commodities imported into Iran from N-11 countries included butter, machinery, field corn, semi- and wholly-milled rice, auto parts and sheep.

In terms of total trade value, Turkey topped the list among N-11 countries 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 N-11 states and second in the world after China.

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

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

South Korea was Iran’s second biggest trading partner among N-11 nations during the period under review, 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 N-11 countries and third in the world during the one-month period.

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, which mainly constituted auto parts, alloy steel coil and public transportation vehicles.

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

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

Trade between Iran and Pakistan amounted to 229,735 tons worth $105.36 million, indicating a 10.53% and 22.27% increase in tonnage and value respectively YOY.

Iran’s exports reached 207,579 tons worth $75.87 million, up 9.42% and 13.3% in tonnage and value respectively YOY, while Pakistan’s exports to Iran were at 22,156 tons worth $29.48 million, up by 22.05% and 53.53% in tonnage and value respectively YOY.

Pakistan was Iran’s third export destination as well as the third exporter of goods to Iran among N-11 states. The country was Iran’s eighth export destination and 13th exporter to Iran in the world.

Bitumen, hydrocarbon gas, low-density oils, liquefied propane and fruit juice were Iran’s main exports to Pakistan, while Pakistan exported rice, cow, sesame seeds, beef and cans in return.

Highest Growths, Declines in Trade

Trade with Nigeria ($92,668), Turkey ($464.63 million) and Pakistan ($105.36 million) witnessed the highest rise of 3,937%, 77.76% and 22.27% respectively YOY while trade with Egypt ($165,633), Mexico ($70,176) and the Philippines ($4.86 million) saw the lowest declines of 99.29%, 93.36% and 78.77% respectively.

Iran’s exports to Nigeria ($92,668), South Korea ($250.07 million) and Pakistan ($75.87 million) registered the highest growth of 3,937%, 24.06% and 13.3% respectively YOY while exports to Egypt ($126,946), Mexico ($53,787) and the Philippines ($80,430) witnessed the lowest declines of 99.45%, 93.48% and 85.94% respectively.

Imports from Turkey ($345.69 million) and Pakistan ($29.48 million) saw the growth of 159.84% and 53.53% respectively YOY while imports from Mexico ($16,389), the Philippines ($4.78 million) and Indonesia ($1.94 million) witnessed the highest declines of 92.95%, 78.59% and 78.08% respectively YOY.