Iran's Non-Oil Trade With Pacific Alliance States Exceeds $13 Million

EghtesadOnline: Iran traded 7,225 tons of non-oil commodities worth $13.74 million with the member states of Pacific Alliance in the last fiscal year (ended March 20, 2019) to register a 95.68% and 72.73% fall in tonnage and value respectively compared with the year before.

News ID: ۷۴۸۰۹۲

06 August 2019

The Pacific Alliance is a Latin American trade bloc, formed by Chile, Colombia, Mexico and Peru, all of which border the Pacific Ocean. These countries have come together to form an area of integration with the purpose of ensuring complete freedom in the movement of goods, services, capital and people.

Together, these four countries have a combined population of 210 million people and about 35% of the region's GDP.

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 4,321 tons worth $6.31 million during the year, indicating a 97.35% and 83.6% decrease in tonnage and in value respectively year-on-year, Financial Tribune reported.

Imports stood at 2,904 tons worth $7.42 million, down 36.36% and 37.5% in tonnage and value respectively YOY.

As such, Iran recorded a non-oil trade deficit of $1.1 million with the Pacific Alliance countries.

Main Commodities, Trading Partners

Iran mainly exported textiles, floorings, pistachios, alabaster, rugs, bitumen and leather to the Pacific Alliance states.

In exchange, major commodities imported into Iran from the Pacific Alliance nations included roving, chemicals, seeds, pharmaceuticals and wood pulp.

In terms of total trade value, Mexico topped the list among the Pacific Alliance countries with Iran trade standing at 3,158 tons worth $5.86 million, down by 97.97% and 83.84% in tonnage and value respectively YOY.

Exports to Mexico amounted to 2,907 tons worth $4.72 million to register a 98.12% and 86.35% decline in tonnage and value respectively YOY.

Mexico was Iran’s biggest export destination among the countries under review and 80th worldwide.

In return, Mexico exported 251 tons of commodities worth $1.13 million to Iran, up by 33.82% in tonnage and down 30.67% in value YOY.

Mexico was the fourth exporter of goods to Iran among the states and 99th in the world.

Major Iranian commodities exported to Mexico were textiles, floorings, pistachios, alabaster and leather.

In exchange, Mexico mainly exported veterinary vaccines, chemicals, computer devices, fertilizer and sesame oil to Iran.

Chile was Iran’s second biggest trading partner among the Pacific Alliance states during the 12 months, as two-way commercial exchanges stood at 2,267 tons worth $4.04 million to register a 69.36% and 49.49% decline in tonnage and value respectively YOY.

Iran exported 1,196 tons of goods worth $596,321 to Chile, down by 80.17% and 77.47% in tonnage and value respectively YOY.

Chile was Iran’s third export destination among the Pacific Alliance countries.

Iran’s exports to Chile included bitumen, dates, floorings, rugs and food products.

Iran imported 1,072 tons of commodities worth $3.44 million from Chile, down 21.83% and 35.68% in tonnage and value respectively YOY, which mainly constituted roving equipment, seeds, pharmaceuticals, wood pulp and potassium sulfate.

Chile was the top exporter of goods to Iran among the Pacific Alliance countries and 89th exporter to Iran in the world.

Colombia was Iran’s third major trading partner among the member states.

Mutual trade between Iran and Colombia amounted to 346 tons worth $2.21 million, indicating a 77.29% and 18.96% decrease in tonnage and value respectively YOY.

Iran’s exports reached 183 tons worth $944,497, down 83.73% in tonnage and up 32.38% in value YOY, while Colombia’s exports to Iran were at 162 tons worth $1.26 million, down by 58.95% and 37.14% in tonnage and value respectively YOY.

Colombia was Iran’s second export destination and the third exporter of goods to Iran among nations under review. The country was Iran’s 99th export destination and 97th exporter to Iran in the world.

Floorings, rugs, agricultural machinery and paraffin wax were Iran’s main goods exported to Colombia, while Colombia exported pharmaceuticals and bamboo to Iran.

Peru was Iran’s fourth trading partner among the countries under review during the 12 months, as mutual trade stood at 1,454 tons worth $1.62 million to register a 54.9% and 52.06% decrease in tonnage and value respectively YOY.

Iran’s exports to Peru amounted to 36 tons of goods worth $51,190 to Peru, down by 94.15% and 90.25% in tonnage and value respectively YOY.

Peru was Iran’s fourth export destination among the states.

Iran’s exports to Peru included chemicals and glassware. The country imported 1,418 tons of commodities worth $1.57 million from Peru, down 45.64% and 45.06% in tonnage and value respectively YOY, a majority of which were chemicals, oilseeds, fruits, plants, seeds and coffee.

Peru was the second exporter of goods to Iran among the Pacific Alliance nations and 96th exporter to Iran in the world.

Highest Growths, Declines in Trade

Trade with the four countries witnessed a year-on-year decline, such that trade with Mexico ($5.86 million), Peru ($1.62 million), Chile ($4.04 million) and Colombia ($2.21 million) witnessed a decline of 83.84%, 52.06%, 49.49% and 18.96% respectively.

Iran’s exports to Colombia ($944,497) saw an increase of 32.38% YOY while exports to Peru ($51,190), Mexico ($4.72 million) and Chile ($596,321) witnessed the lowest declines of 90.25%, 86.35% and 77.47% respectively.

Imports from Peru ($1.57 million), Colombia ($1.26 million), Chile ($3.44 million) and Mexico ($1.13 million) saw a fall of 45.06%, 37.14%, 35.68% and 30.67% YOY.