Iran Foreign Trade Up 8%

EghtesadOnline: Iran’s non-oil foreign trade during the first eight months of the current fiscal year (started March 21) stood at $60.9 billion, indicating an 8% rise compared with last year’s corresponding period.

News ID: ۷۸۰۶۴۶

28 November 2017

According to the latest report of the Islamic Republic of Iran Customs Administration carried by Mehr News Agency, exports hit 78.81 million tons worth $28.48 billion, indicating a 1.21% decline yea- on-year.

Imports amounted to 23.56 million tons worth $32.41 billion, up 17.52% YOY. Increased imports of basic goods, auto parts, cars and capital goods are behind the rise in imports.

Gas condensates ($4.58 billion), liquefied propane ($897 million), light crude oil, excluding gasoline ($764 million), methanol ($752 million) and polyethylene ($750 million) were the main exported commodities, according to Financial Tribune.

Imports mainly included rice ($1 billion), field corn ($980 million), auto parts ($972 million), soybean ($669 million) and vehicles of engine displacement between 1500 cc and 2000 cc ($643 million).

China was the main customer of Iranian products during the eight-month period, as Iran exported $5.74 billion worth of goods to the Asian country, 13.51% more than in the corresponding period of last year.

Other major export destinations included Iraq with $4.35 billion, the UAE ($3.89 billion), South Korea ($2.74 billion) and Afghanistan ($1.84 billion). Exports to Iraq, South Korea and Afghanistan rose by 6.51%, 28.12% and 12.11% respectively compared to last year, but the UAE imported 18.7% less goods from Iran in the period compared with last year’s same period.

Major exporters to Iran included China ($7.95 billion), the UAE ($5.74 billion), Turkey ($2.22 billion), South Korea ($1.84 billion) and Germany (1.79 billion).

The average price of each ton of exporting goods stood at $363, posting an 8.04% rise year-on-year and the average price of each ton of importing commodities hovered around $1,361, up 6.8% compared to last year’s same period.