Iran's Trade With Neighbors Tops $2 Billion

EghtesadOnline: Iran traded $2.18 billion with its 15 neighboring countries in the first month of the current fiscal year (March 21-April 20) to register an 18% growth compared with the same period of last year.

News ID: ۷۸۶۴۹۳

26 May 2021

Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports stood at $962.6 billion during the month, indicating a slight decrease compared with last year’s $1.05 billion.

Imports increased from $796.3 million to $1.22 billion, thanks to resumption of business activities in some of the regional countries.

Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, the UAE, Bahrain and Saudi Arabia are Iran’s 15 neighboring countries.

The UAE was Iran's largest trading partner during the month under review, with $864.7 million in bilateral trade. Turkey came next with $421.2 million, followed by Iraq with $404.1 million and Russia with $172.8 million.

Trade with Armenia grew notably during the period by 121%, from $6.6 million to $14.7 million.

Iraq remained the leading destination for Iranian goods. The country imported $388.7 million worth of goods from Iran. Turkey was the second largest market for Iranian products during the month, as a total of $175.6 million worth of goods were exported to Turkey.

Afghanistan was also one of the top importers of Iranian goods, with $126.8 million. It was followed by the UAE with $76.8 million and Pakistan with $59.7 million.

The UAE was the top exporter of goods to Iran during the period, as it shipped $787.8 million worth of goods, which is considerably higher than the value of goods traded with other neighboring countries.

Turkey and Russia came next with $247.5 million and $132.4 million worth of exports to Iran, respectively.

The above figures show trade with neighboring states accounted for 37% of Iran’s total non-oil trade during the first month of the current fiscal year.

Iran’s total non-oil trade during March 21-April 20 stood at 10.34 million tons worth $5.76 billion, indicating an increase of 32% and 62.5% respectively in weight and value compared with the corresponding period of last year.

According to Mehdi Mirashrafi, the head of the Islamic Republic of Iran Customs Administration, exports accounted for 8.3 million tons worth $2.96 billion and imports constituted 2.04 million tons worth $2.79 billion.

Exports show an increase of 56% in weight and 80% in value while imports registered a decline of 18% in weight, but an increase of 47% in value year-on-year.

Neighbors Account for Half of Fiscal 2020-21 Trade

Iran’s 15 neighboring countries accounted for about half its total non-oil trade in the last Iranian year that ended on March 20, 2021.

Iran traded $36.45 billion worth of non-oil goods with its 15 neighboring countries in the last Iranian year.

Non-oil trade with neighbors posted a decrease compared with the preceding year’s $40 billion.

Iran’s exports to its neighbors totaled $20.35 billion in the fiscal 2021-22, indicating a $4 billion decrease in value year-on-year.

Imports amounted to $16.09 billion during the period, unchanged compared with the same period of last year.

The UAE was Iran’s leading trade partner among neighboring states, with $14.4 billion worth of non-oil exchanges.

Following the UAE in the list of Iran’s trade partners among neighboring countries were Iraq with $7.58 billion, Turkey with $6.9 billion, Afghanistan with $2.31 billion and Russia with $1.53 billion.

Pakistan and Oman followed with $1.17 billion and $871 million, respectively.

Iranian goods and commodities worth $7.44 billion were exported to Iraq, placing it on top of the list of Iran’s export destinations among neighboring states.

The UAE, Turkey and Afghanistan came next with $4.66 billion, $2.53 billion and $2.3 billion, respectively.

The UAE, with $9.75 billion, accounted for the largest share of Iran’s imports from neighboring countries during the period. It was followed by Turkey with $4.39 billion and Russia with $1.03 billion worth of goods to Iran.

Iran’s total non-oil trade stood at 145.7 million tons worth $73 billion in the last fiscal year (March 2020-21), suggesting that neighboring countries accounted for about half the total trade volume.

According to the Islamic Republic of Iran Customs Administration, exports accounted for 112 million tons worth $34.52 billion and imports constituted 34.4 million tons worth $38.5 billion of the sum.

Iran’s main exports included gasoline, natural gas, polyethylene, propane and pistachio, with the latter alone earning $1.2 billion.