Iran's Non-Oil Trade With LatAm States Tops $500 Million

EghtesadOnline: Iran traded 800,221 tons of non-oil commodities worth $533.78 million with Latin American countries during the first seven months of the current fiscal year (March 21-Oct. 22) to register a 37.29% rise in tonnage and a 2.05% fall in value compared with last year’s corresponding period.

News ID: ۷۸۴۳۹۴

11 December 2018

Latin America consists of 13 dependencies and 20 countries that stretch from the northern border of Mexico to the southern tip of South America, including the Caribbean. It has an area of approximately 19,197,000 square kilometers, constituting 13% of the Earth's land surface area. Its residents mainly speak Spanish, French and Portuguese.

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports to the Latam countries totaled 41,738 tons worth $22.3 million during the period, indicating a 65.42% and 33.02% decline in tonnage and value respectively year-on-year.

Imports, on the other hand, stood at 758,483 tons worth $511.47 million, up in tonnage by 64.12% and down in value by 0.03% YOY, Financial Tribune reported.

Iran mainly exported semi-finished iron/non-alloy steel products, floorings, textile, pistachio, flute glassware, alabaster, rugs, glassware, bitumen, polystyrene, agricultural machinery and leather to Latam states.

In exchange, major commodities imported into Iran from Latam states included frozen and boneless cow parts, oilcake, field corn, bananas, tractor parts, soybean, soybean oil and tobacco.

Top Trading Partners

Brazil was Iran’s top export destination among Latam nations during the period, followed by Mexico, Columbia, Chile and Venezuela.

It was also the top exporter of goods to Iran followed by Uruguay, Ecuador, Argentina and Paraguay.

In terms of total trade value, Brazil topped the list among the nations with bilateral trade standing at 455,483 tons worth $328.13 million, up by 449.74% and 6.03% in tonnage and value respectively YOY.

Brazil was Iran’s 24th major trading partner in the world during the seven months.

In fact, the Latin American country was Iran’s 55th export destination and the 15th exporter of goods to Iran in the world.

Exports to Brazil amounted to 38,201 tons worth $16.31 million, registering a remarkable surge of 1,223.47% and 200.11% in tonnage and value respectively YOY. In return, Brazil exported 417,281 tons of commodities worth $311.82 million to Iran, up by 421.81% and 2.56% in tonnage and value respectively YOY.

Major Iranian commodities exported to Brazil were semi-finished iron/non-alloy steel products, flute glassware, floorings, polystyrene and pistachio.

For its part, Brazil mainly exported frozen and boneless cow parts, field corn, tractor parts, soybean and tobacco to Iran.

Uruguay was Iran’s second biggest trade partner among Latin American states during the seven months. Two-way commercial exchanges stood at 249,119 tons worth $107.54 million, registering a 4.62% and 17.3% growth in tonnage and value respectively YOY.

Uruguay was Iran’s 42nd global trading partner during the period. Iran exported 2 tons of goods worth $70,991 to the country, down by 72.05% in tonnage and 79.28% in value YOY. Iran’s exports to Uruguay included floorings and kilim.

This is while Iran imported 249,117 tons of commodities worth $107.47 million from Uruguay during the same period, up 4.63% and 17.27% in tonnage and value respectively YOY, which mainly included oilcake, butter and shampoo. The country was Iran’s ninth export destination among Latin American nations as well as the 133rd in the whole world, while it was the second major exporter of goods to Iran among the nations and the 26th exporter to Iran in the world.

Trade transactions between Iran and Ecuador amounted to 50,064 tons worth $47.27 million, indicating a 29.85% and 14.17% decline in tonnage and value respectively YOY. Ecuador was Iran’s 57th trading partner in the world.

Iran’s exports reached 10 tons worth $151,727, down 58.17% in tonnage and up 258% in value YOY, while Ecuador’s exports to Iran were at 50,054 tons worth $47.12 million, down by 29.84% and 14.38% in tonnage and value respectively YOY.

Ecuador was Iran’s sixth export destination as well as the third exporter of goods to Iran among Latin American nations. It was Iran’s 119th export destination and the 37th exporter to Iran in the world.

Floorings, household aluminum objects and kitchenware were Iran’s main goods exported to Ecuador, while Ecuador exported cooking bananas and coffee extracts to Iran.

Next was Argentina, which traded 37,654 tons of non-oil goods worth $30.51 million with Iran during the seven months, down 42.9% and 33.08% in tonnage and value respectively YOY. Argentina was Iran’s 66th trading partner in the world.

Argentina imported 23 tons of Iranian commodities worth $83,612 million, down 95.12% and 88.89% in tonnage and value respectively YOY from Iran and exported 37,631 tons of goods worth $30.43 million to Iran, down 42.52% and 32.14% in tonnage and value respectively YOY.

The country was Iran’s eighth major export destination and the fourth exporter of goods to Iran. It also was Iran’s 132nd export destination and 43rd exporter to Iran in the world.

Exports to Argentina included radiators, glassware, floorings and saffron. Iran mainly imported soybean oil, oilcake and pod vegetables.

Iran’s fifth trading partner among the Latam states was Paraguay. Iran- Paraguay trade amounted to 1,895 tons worth $8.75 million, registering a 23.84% and 8.9% decrease in tonnage and value respectively YOY.

Paraguay was Iran’s 90th trading partner in the world. Iran did not have any exports to Paraguay during the period but imported 1,895 tons of goods worth $8.75 million from Paraguay during the period, down 16.82% and 6.65% in tonnage and value respectively YOY.

Iran imported frozen and boneless cow parts and wood charcoal. Paraguay was the fifth exporter to Iran among Latin American nations and 66th in the world.