Intermediate, Capital Goods Account for 76% of Imports

EghtesadOnline: Capital and intermediate goods accounted for 76% of Iran’s imports in the first 11 months of the current fiscal year (March 21, 2017-Feb. 19), an official with the Trade Promotion Organization of Iran said.

News ID: ۷۸۲۲۹۶

10 April 2018

“Close to $28.5 billion worth of intermediate goods and $7.5 billion worth of capital goods were imported into the country during the period,” IRNA also quoted Mohammad Reza Izadian as saying.

About 33.93 million tons of goods worth $47.65 billion were imported into Iran during the 11 months, indicating a 23.61% rise compared with last year’s corresponding period.

According to the Islamic Republic of Iran Customs Administration, 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), Financial Tribune reported.

China with $11.53 billion, the UAE ($8.75 billion), South Korea ($3.29 billion), Turkey ($2.86 billion) and Germany ($2.64 billion) were major exporters to Iran during the period.

According to Investopedia, capital goods are tangible assets such as machinery, equipment, vehicles and tools that an organization uses to produce goods or services to produce consumer goods and goods for other businesses.

In contrast, intermediate goods are used to produce a final or finished product. These goods are sold between industries for resale or the production of other goods.