Iran's Non-Oil Trade With G7 at $320 Million in 1 Month

EghtesadOnline: Iran traded 282,851 tons of non-oil commodities worth over $320 million with members of the Group of Seven during the first Iranian month (March 21-April 20), registering a 23.83% and 29.39% decline in tonnage and value respectively compared with last year’s corresponding month.

News ID: ۷۴۷۹۵۶

23 July 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 56,998 tons worth $29.24 million during the month, indicating a 51.7% and 60.35% fall in tonnage and value respectively year-on-year.

Imports stood at 225,853 tons worth $291.67 million, down 10.85% and 23.39% in tonnage and value respectively YOY.

As a result, Iran recorded a non-oil trade deficit of $262.42 million with G7 members, according to Financial Tribune.

The Group of Seven (G7) consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. These countries, considered as advanced economies by IMF, represent 58% of the global net wealth ($317 trillion). The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values and more than 32% of the global GDP in terms of purchasing power parity.

Main Commodities, Trading Partners

Iran mainly exported non-alloy iron and steel ingots, anti-serums, polystyrene, polyethylene, casting products and floorings to G7 members.

In exchange, major commodities imported into Iran from G7 members included oilcake, machinery, gas turbines, barley and AC generators.

In terms of total trade value, Germany topped the list among G7 members with Iran trade standing at 115,984 tons worth $139.46 million, up by 166.34% and 1.16% in tonnage and value respectively YOY.

Exports to Germany amounted to 43,041 tons worth $19.67 million to register a 1,239% and 91.37% growth in tonnage and value respectively YOY.

Germany was Iran’s biggest export destination among the countries under review and 15th in the world.

In return, Germany exported 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 the top exporter of goods to Iran among the states and sixth in the world.

Major Iranian commodities exported to Germany were non-alloy iron/steel ingots, antiserum, polystyrene, floorings and saffron.

Germany mainly exported machinery, barley, graphite electrodes and synthetic fibers to Iran.

Italy was Iran’s second biggest trading partner among G7 members during the month, as two-way commercial exchanges stood at 21,156 tons worth $83.93 million to register a 1.14% and 13.11% increase in tonnage and value respectively YOY.

Iran exported 13,087 tons of goods worth $7.66 million to Italy, up 8.47% in tonnage and down 39.62% in value YOY.

Italy was Iran’s second export destination among G7 members and 25th in the world during the period.

Iran’s exports to Italy included non-alloy iron/steel ingots, polyethylene, casting products and animal hide. It imported 8,069 tons of commodities worth $76.27 million from Italy, down by 8.86% in tonnage and up 23.98% in value YOY, which mainly constituted gas turbines and AC generators.

Italy was the second exporter of goods to Iran among G7 members and seventh exporter to Iran in the world.

UK was Iran’s third major trading partner among G7 nations.

Mutual trade between Iran and the UK amounted to 142,094 tons worth $70.3 million, indicating a 26.26% and 16.33% decrease in tonnage and value respectively YOY.

Iran’s exports reached 267 tons worth $486.14 million, down 92.67% and 83.59% in tonnage and value respectively YOY, while the UK’s exports to Iran amounted to 141,827 tons worth $69.81 million, down by 24.98% and 13.87% in tonnage and value respectively YOY.

The UK was Iran’s fifth export destination and third exporter of goods to Iran among G7 members. The country was Iran’s 53rd export destination and eighth exporter to Iran in the world.

Animal hide, floorings, flowers, dates, food products and watermelons were Iran’s main goods exported to the UK, while the UK mainly exported oilcake, field corn, machinery parts, day-old chicken, vehicles and lead to Iran.

Canada was Iran’s third export destination, after Germany and Italy, among G7 states and 51st in the world, as Iran exported 300 tons worth $502,000 during the month to register a 97.31% and 90.65% declines in tonnage and value respectively YOY.

Iran exported dates, dried grapes, floorings dried fruits and pistachios to Canada.

Highest Growths, Declines in Trade

Trade with Italy ($83.93 million) and Germany ($139.46 million) witnessed the highest growths of 13.11% and 1.16% respectively YOY, while trade with Japan ($2.09 million), France ($17.68 million) and Canada ($2.68 million) saw the lowest declines of 96.64%, 77.4% and 70.13% respectively.

Iran’s exports to Germany ($19.67 million) witnessed a rise of 91.37%, while exports to the US ($5,314), Japan ($428,827) and Canada ($502,000) witnessed the lowest declines of 99.59%, 98.94% and 90.65% respectively.

Imports from Italy ($76.27 million) registered a growth of 23.98%, while imports from Japan ($1.67 million), France ($17.19 million) and Canada ($2.18 million) witnessed the highest declines of 92.43%, 77.83% and 39.81% respectively YOY.