Iran 11-month Foreign Trade Up 16.17%

EghtesadOnline: Iran’s non-oil foreign trade during the first 11 months of the current fiscal year (March 21, 2017-Feb. 19) stood at $89.34 billion, indicating a 16.17% rise compared with last year’s corresponding period.

News ID: ۷۸۲۰۸۶

14 March 2018

Exports hit 117.95 million tons worth $41.69 billion, indicating a 4.96% decline in value year-on-year, IRNA cited the latest report by the Islamic Republic of Iran Customs Administration as saying.

Imports amounted to 33.93 million tons worth $47.65 billion, up 23.61% in value YOY.

Increased imports of basic goods, auto parts and capital goods are the main reasons behind the rise in imports, Financial Tribune reported.

Gas condensates ($6.33 billion), liquefied natural gas ($2.5 billion), liquefied propane ($1.33 billion), methanol ($1.07 million) and light crude oil, excluding gasoline ($1.06 billion), were the main exported commodities. Exports of commodities other than the aforementioned items rose by 14.4% YOY to reach $21.13 million.

Imports mainly included auto parts ($1.57 billion), field corn ($1.43 billion), rice ($1.26 billion), soybean ($838 million) and vehicles of engine displacement between 1500 cc and 2000 cc, except for ambulance and hybrid cars ($739 million).

China was the main customer of Iranian products during the 11-month period, as Iran exported $8.22 billion worth of goods to the Asian country, 11.29% more than the corresponding period of last year.

Other major export destinations included the UAE ($5.86 billion), Iraq ($5.57 billion), Turkey ($3.87 billion) and South Korea ($3.79 billion).

Exports to South Korea and Turkey rose by 41.8% and 30.71% respectively compared to the last year, but the UAE imported 14.9% less goods from Iran in the period YOY.

Major exporters to Iran included China ($11. 53 billion), the UAE ($8.75 billion), South Korea ($3.29 billion), Turkey ($2.86 billion) and Germany ($2.64 billion).