Petrochemicals, Gas Condensates Main Non-Oil Export Commodities

EghtesadOnline: Petrochemicals and gas condensates accounted for over half of the value of Iran’s non-oil exports during the first five months of the current fiscal year (March 21-Aug. 22), data released by the Ministry of Industries, Mining and Trade show.

News ID: ۷۸۷۳۶۱

28 November 2021

Iran’s total non-oil exports stood at 45.5 million tons worth $17.6 billion in the five months, registering a 19.61% and 62.31% growth in weight and value YOY respectively.

The ministry’s data show around 90% of total non-oil exports during the period in weight and 80% in value were in fact petrochemical products, gas condensate and mineral products.

The Ministry of Industries, Mining and Trade’s dataset on exports are divided into five main sectors, namely “Petrochemicals and Gas Condensates”, “Mines and Mining Industry”, “Agriculture and Food Industries”, “Carpet and Handicrafts” and “Other Industries”.

Petrochemicals and gas condensates exports hit 22.88 million tons worth $9.13 billion, 24% and 74.8% higher in terms of weight and value respectively year-on-year.

Mines and mining industries exports stood at 17.8 million tons worth $5 billion, registering a 16.3% and 127.9% growth in weight and value respectively YOY.

The data show 50.31% and 39.14% of total non-oil exports’ weight and 51.89% and 28.42% of the value belonged to the petrochemicals and gas condensates, and mines and mining industries respectively.

Moreover, 7.22% and 10.72% of total exports’ weight and value respectively belonged to agriculture and food industries, as the group’s exports hit 3.28 million tons (up 7.3% YOY) worth $1.89 billion (down 11.2% YOY) during the period.

Around 3.32% of total exports’ weight and 8.65% of total exports’ value belonged to other industries. Exports in this category hit 1.51 million tons (up 15.2% YOY) worth $1.52 billion (up 23.1% YOY).

Carpet and handicrafts had the lowest share of total exports, as 0.02% of total weight and 0.33% of total value of exports belonged to this group.

The sector’s exports stood at 7,000 tons (up 16.7% YOY) worth $58 million (down 7.9% year-on-year) in the five months under review.

Iran registered $1 billion in non-oil trade surplus in the first five months of the current fiscal year (March 21-Aug. 22), according to Mehdi Mirashrafi, director general of the Islamic Republic of Iran Customs Administration.

Iran’s total foreign trade hit 59.3 million tons worth $34 billion during the period, registering a 14% and 38% growth in weight and value respectively, year-on-year, the news portal of IRICA reported.

Non-oil exports stood at 45.5 million tons worth $17.66 billion, registering a 20% and 63% growth in weight and value respectively compared with the corresponding period last year.

The exports mainly included methanol, natural gas, polyethylene, semi-finished iron products, iron ingots, gasoline, liquid propane, iron pipes, urea and petroleum bitumen.

The first five destinations of Iranian exports were China with 12.3 million tons worth $5.9 billion, Iraq with 12 million tons worth $3.16 billion, the UAE with 5 million tons worth $1.9 billion, Turkey with 1.37 million tons worth $1.1 billion and Afghanistan with 2.16 million tons worth $885 million.

Imports stood at 13.8 million tons worth $16.63 billion from March 21 to Aug. 22, registering 5% decline in terms of weight but 21% growth in terms of value YOY.

The top 10 imported goods and products were cellphone and smart phones, corn, soybeans, sunflower oil, barley, wheat, soybean meal, palm oil, sugar and carbon electrodes.