Iran's Trade With Neighbors Reaches $22.5b in H1 Fiscal 2021-22

EghtesadOnline: Iran’s trade with its 15 neighboring countries stood at 47.22 million tons worth $22.59 billion in the current fiscal year’s first six months (March 21-Sept. 22), according to the latest data released by Islamic Republic of Iran’s Customs Administration.

News ID: ۷۸۷۱۷۱

18 October 2021

Total exports to these countries stood at 36.09 million tons worth $11.22 billion.

Iraq with 13.89 million tons worth $3.84 billion was the biggest export destination. It was followed by Turkey with 7.21 million tons worth $2.31 billion, the UAE with 5.81 million tons worth $2.43 billion, Afghanistan with 2.52 million tons worth $999.12 million and Pakistan with 1.36 million tons worth $554.13 million

Total imports from neighboring countries during the period hit 11.14 million tons worth $11.37 billion.

Shipments mainly came from the UAE with 5.92 million tons worth $7.31 billion, Turkey with 2.12 million tons worth $2.43 billion, Russia with 1.27 million tons worth $638.6 million, Iraq with 1.01 million tons worth $499.21 million and Oman with 537,519 tons worth $269.62 million.

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

Iran’s total non-oil foreign trade reached 79.1 million tons worth $45 billion in H1 of the current fiscal year, registering a 47% growth in value compared with the similar period of last year, according to the head of the Islamic Republic of Iran Customs Administration.

“Iran’s exports stood at 60 million tons worth $21.8 billion over the six-month period, showing a 30% and 61% rise in weight and value respectively year-on-year,” Mehdi Mirashrafi was also quoted as saying by Iribnews.ir.

Iran’s biggest export destination was China followed by Iraq, Turkey, the UAE and Afghanistan.

The exports mainly included liquefied natural gas, methanol, polyethylene, semi-finished iron products, iron ingots, propane, urea, petroleum, iron bars and cathodes.

Imports hit 19.1 million tons worth $23.14 billion, registering a 15% and 37% rise in tonnage and volume respectively compared with the corresponding period of last year.

The UAE, China, Turkey and Switzerland topped the list of exporters to Iran during the period in a descending order.

The imports mainly included corn, soybeans, sunflower seed oil, soy cake, wheat, barley, sugar, palm oil, and unrefined vegetable oils.

“From the total imports, 14.3 million tons worth $8.8 billion were essential goods. The tonnage accounts for 75% of the total sum,” Mirashrafi said.

In the month ending Sept. 22, IRICA stepped up clearance procedures from Iranian ports, such that over the five months ending Aug. 22, an average of 2.7 million tons of commodities worth $3.3 billion were imported per month, while the figure almost doubled to 5.3 million tons worth $6.5 billion in the following month.

Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.

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

Iran traded $36.45 billion worth of non-oil goods with its neighboring countries in the last Iranian year (ended March 20, 2021).

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

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

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

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

Following the UAE in the list of Iran’s trade partners among the neighboring countries were Iraq with $7.58 billion, followed by 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, to put the country on top of the list of Iran’s export destinations among the 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. Turkey followed with $4.39 billion worth of goods to Iran. Russia with more than $1.03 billion worth of goods exported to Iran came next.

Iran’s total foreign 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 of the total trade volume.

Mirashrafi said exports accounted for 112 million tons worth $34.52 billion and imports constituted 34.4 million tons worth $38.5 billion of the sum.