SCI Examines Export/Import Price Changes in 3rd Quarter

EghtesadOnline: The Statistical Center of Iran has released new data on changes in export and import price indices in the third quarter of the current Iranian year (Sept. 22-Dec. 20, 2020).

News ID: ۷۸۶۱۹۹

07 March 2021

The Export Price Index, an indicator measuring the overall change in prices for goods and services sold abroad, (using the year ending March 2017 as a base year), stood at 1,212 in Q3 in terms of rial, registering a 42.6% increase compared with the previous quarter and a 209.1% rise compared with the same quarter of last year.

The average EPI during the four-quarter period ending Dec. 20 witnessed a 130.2% growth year-on-year.

The three-month EPI stood at 126.2 in dollar terms, registering an increase of 1% and 4.9% over the preceding quarter and the corresponding quarter of last year respectively.

The average EPI in dollar terms during the four-quarter period leading to Dec. 20 witnessed no change year-on-year.

The Import Price Index, a relative indicator measuring overall changes in the prices of imports entering the country (using the year ending March 2017 as a base year), stood at 9,779 in Q3 in terms of rial, registering a 59.3% increase compared with the previous quarter and a 588.8% rise compared with the same quarter of the year before.

The average IPI during the four quarters leading to Dec. 20 witnessed a 491.9% growth year-on-year.

Q3 saw IPI stand at 247.9 in dollar terms, registering a 10.1% increase quarter-on-quarter and a 50.1% rise year-on-year.

The average IPI in dollar terms during the four-quarter period leading to Dec. 20 witnessed a 41.2% growth year-on-year.

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s foreign trade, excluding oil exports, stood at 134 million tons worth $65.5 billion in the first 11 months of the current fiscal year (March 20, 2020-Feb. 18).

According to Mehdi Mirashrafi, the head of Islamic Republic of Iran Customs Administration, exports accounted for 103 million tons worth $31.2 billion and imports constituted 30.8 million tons worth $34.3 billion of the overall trade.

“Compared with the corresponding period of last year, exports registered an 18% and 19% year-on-year decline in weight and value respectively. Imports saw a respective 6% and 15% decline in weight and value year-on-year,” he was quoted as saying by IRIB News.

The main export destinations were China with 24.5 million tons worth $8.1 billion, Iraq with 23.9 million tons worth $6.8 billion, the UAE with 14 million tons worth $4.1 billion, Turkey with 5.9 million tons worth $2.2 billion and Afghanistan with 6.4 million tons worth $2.1 billion.

“These five countries imported an aggregate of $23.4 billion worth of non-oil goods from Iran, which account for 72% of the weight and 75% of the value of Iran’s overall exports over the 11-month period,” he said.

Iran’s main exported goods included gasoline, natural gas, gas condensates, petrochemicals and pistachio.

Major exporters to Iran were China with 3.2 million tons worth $8.8 billion, the UAE with 4.5 million tons worth $8.4 billion, Turkey with 4.3 million tons worth $3.8 billion, India with 2.1 million tons worth $2 billion and Germany with 1.1 million tons of goods worth $1.7 billion.

“These five countries exported an aggregate of $24.7 billion worth of non-oil goods to Iran, which account for 50% of the weight and 72% of the value of Iran’s total imports over the period,” the IRICA chief said.

According to Mirashrafi, imports of 25 items of essential goods accounted for 21.4 million tons worth $11 billion of the total imports.