Iran Foreign Trade Grows 7.8%

EghtesadOnline: Iran’s non-oil foreign trade during the first nine months of the current fiscal year (started March 21) stood at $69.21 billion, indicating a 7.8% rise compared with last year’s corresponding period, the latest report by the Islamic Republic of Iran Customs Administration announced.

News ID: ۷۸۱۱۸۱

14 January 2018

Exports during the period hit 88.57 million tons worth $31.64 billion, indicating a 2.39% decline year-on-year.

Imports amounted to 26.59 million tons worth $37.57 billion, up 18.31% YOY.

The higher import of basic goods, auto parts, cars and capital goods was the main reason behind the rise in imports, according to Financial Tribune.

The government has recently limited the hours during which import order registrations can be made.

Based on the new regulation, importers are required to register their orders online from 8 a.m. to 4 p.m. every day.

Mojtaba Khosrotaj, the head of Trade Promotion Organization of Iran, said this limitation applies to certain goods, the import of which requires expert consultation.

A few weeks back, the TPO chief had announced that order registrations will be valid for three months only, while previously they were valid for six months. The restrictions are aimed at curbing Iran’s imports to narrow the country’s foreign trade deficit in the runup to the end of the current fiscal year (March 20, 2018).

Gas condensates (worth $5.09 billion), liquefied propane ($1.06 billion), methanol ($835 million), light crude oil, excluding gasoline ($810 million) and granulated hematite iron ore ($765 million) were the main exported commodities.

Imports mainly included auto parts ($1.24 billion), field corn ($1.11 billion), rice ($1.01 billion), soybean ($749 million), vehicles with engine displacement of 1500cc to 2000cc, except for ambulance and hybrid cars ($660 million).

China was the main customer of Iranian products during the period under review, as Iran exported $6.52 billion worth of goods to the Asian country, 12.78% more than the corresponding period of last year.

Other major export destinations included Iraq with $4.62 billion, the UAE with $4.45 billion, South Korea with $3.01 billion and Afghanistan with $2 billion.

The value of exports to Iraq, South Korea and Afghanistan rose by 0.36%, 28.99% and 6.27% respectively compared with last year’s corresponding period, but the UAE imported 18.39% less goods in terms of value from Iran in the nine months compared with last year’s similar period.

Major exporters to Iran included China ($9.45 billion), the UAE ($6.65 billion), Turkey ($2.57 billion), South Korea ($2.56 billion) and Germany ($2.95 billion).

The average price of each ton of exported goods stood at $357, posting a 5% YOY rise and the average price of each ton of imported commodities hovered around $1,413, up 12% YOY.