Iran's Non-Oil Foreign Trade Falls 34% (Mar-Dec 2018)

EghtesadOnline: Iran’s non-oil foreign trade during the one-month period ending Dec. 21, which marks the end of the Iranian month of Azar, stood at $4.93 billion, indicating a decline of 34.27% compared with the preceding month’s $7.5 billion.

News ID: ۷۸۴۴۴۹

01 January 2019

Exports amounted to 11.67 million tons worth $1.86 billion for the month while imports reached 2.37 million tons worth $3.07 billion to register a trade deficit of $1.21 billion for the country, according to a report by the Persian economic daily Donya-e-Eqtesad, citing latest data from the Islamic Republic of Iran Customs Administration.

Exports were down 56% in value but 47% more in weight month-on-month.

Imports declined 5% in value and 8% in weight compared to the preceding month, according to Financial Tribune.

By “non-oil”, IRICA refers to all commodities except crude oil. Therefore, oil-driven products and byproducts, as well as petrochemical products, are still categorized as non-oil. IRICA categorizes non-oil exports into petrochemicals, gas condensates and “other items”.

Exports of petrochemicals reached $1.08 billion, indicating a 40% decrease month-on-month. Non-petroleum based products, including carpet, as well as agricultural, industrial and mining products classified within “other products” hit $783 million, posting a drop of 47% MOM.

The export of gas condensates was cut to zero in Azar, whereas the preceding month saw exports of $58 million worth of gas condensates.

Imports mainly included field corn worth $195 million compared with the preceding month’s $176 million, auto parts, excluding tires, worth $80 million compared with last month’s $38 million, graphite electrodes used in furnaces worth $60 million over last month’s imports of $57 million, rice worth $27 million compared with the preceding month’s $11 million, and soybeans worth $12 million compared with the preceding month's import of $143 million.

China was the main customer of Iranian products in Azar. Iran’s exports to China reached $287 million compared with the preceding month’s $1.08 billion.

The country was followed by Iraq, Afghanistan and the UAE as other major export destinations.

Exports to Iraq plunged from $1.02 billion in Aban (Oct. 23-Nov. 21) to $173 million in Azar.

Exports to Afghanistan dropped from $372 million in Aban to $93 million in Azar.

The UAE bought $42 million worth of Iranian products in Azar while the Arab country imported $455 million worth of products in the preceding month.