Iran's Non-Oil Exports to Europe’s Big Four Rise Above $300m

EghtesadOnline: Iran traded 280,514 tons of non-oil commodities worth $311.39 million with the Big Four of Europe in the first Iranian month (March 21-April 20) to register a 6.51% rise in tonnage and 16.82% decline in value compared with last year’s corresponding month.

News ID: ۷۴۸۰۵۱

04 August 2019

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 56,685 tons worth $28.3 million during the month, indicating a 197.57% and 6.31% increase in tonnage and value respectively year-on-year.

Imports stood at 223,856 tons worth $283.08 million, down 8.38% and 18.59% in tonnage and value respectively YOY.

As a result, Iran recorded a non-oil trade deficit of $254.77 million with the Big Four, Financial Tribune reported.

The Big Four of Europe, also known as EU4, refers to France, Germany, Italy and the United Kingdom. These countries are considered major West European powers individually represented as full members of G7, G8, G-10 and G20.

The Organization for Economic Cooperation and Development describes them as the "Four Big European Countries".

Main Commodities, Trading Partners

Iran mainly exported non-ally iron and steel ingots, antiserum, polystyrene, polyethylene and casting products to the Big Four.

In exchange, major commodities imported into Iran from the Big Four included oilcake, machinery, gas turbines, barely, machinery and AC generators.

In terms of total trade value, Germany topped the list among the Big Four 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% growth in tonnage and value respectively YOY.

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

In return, Germany exported 72,943 tons of commodities worth $119.79 million to Iran, up by 80% 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.

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

Italy was Iran’s second biggest trading partner among the Big Four 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 the Big Four and 25th in the world during the period.

Iran’s exports to Italy included non-alloy iron/steel ingots, polyethylene, casting products and animal skins. 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, most of which was gas turbines and AC generators.

Italy was the second exporter of goods to Iran among the Big Four and seventh exporter to Iran in the world.

UK was Iran’s third major trading partner among the Big Four.

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 in 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 were at 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 fourth export destination and the third exporter of goods to Iran among the Big Four. It was Iran’s 53rd export destination and eighth exporter to Iran in the world.

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

France was Iran’s fourth trading partner among the Big Four during the month, as mutual trade stood at 1,279 tons worth $17.68 million to register a 79.43% and 77.4% decrease in tonnage and value respectively YOY.

Iran’s exports to France amounted to 262 tons of goods worth $486,607 to France, up by 125.37% in tonnage and down by 30.23% in value YOY.

France was Iran’s third export destination among the Big Four and 52nd in the world during the period under review.

Iran’s exports included casting products, saffron, rosewater and raisins. It imported 1,018 tons of commodities worth $17.19 million from France, down 83.33% and 77.83% in tonnage and value respectively YOY, a majority of which were pharmaceuticals, auto parts, sugarbeet seeds and syringe.

France was the fourth exporter of goods to Iran among the Big Four and 16th exporter to Iran in the world.

Highest Growths, Declines in Trade

Trade with Italy ($83.93 million) and Germany ($139.46 million) saw the highest growths of 13.11% and 1.16% respectively YOY, while trade with France ($17.68 million) and the UK ($70.3 million) witnessed the highest declines of 77.4% and 16.33% respectively.

Iran’s exports to Germany ($19.67 million) saw a rise of 91.37% YOY, while exports to the UK ($486,145), Italy ($7.66 million) and France ($486,607) witnessed the lowest declines of 83.59%, 39.62% and 30.23% respectively.

Imports from Italy ($76.27 million) saw an increase of 23.98% YOY, while imports from France ($17.19 million), the UK ($69.81 million) and Germany ($119.79 million) saw a decline of 77.83%, 13.87% and 6.11% respectively YOY.