Iran's Trade With OIC Tops $32 Billion

EghtesadOnline: Iran traded 68.15 million tons of non-oil commodities worth $32.77 billion with the Organization of Islamic Cooperation’s member states during the current fiscal year’s first eight months (March 21-Nov. 21), latest data released by the Islamic Republic of Iran Customs Administration show.

News ID: ۷۸۷۵۶۲

05 January 2022

The UAE with 15.31 million tons worth $13.01 billion, Turkey with 14.07 million tons worth $7.01 billion, Iraq with 23.15 million tons worth $6.84 billion, Afghanistan with 3.07 million tons worth $1.28 billion and Pakistan with 2.06 million tons worth $946.47 million were Iran’s main trade partners among OIC members during the period.

Iran’s exports totaled 54.25 million tons worth $17.55 billion.

Iraq with 21.64 million tons worth $6.13 billion, Turkey with 11.35 million tons worth $3.77 billion, the UAE with 7.29 million tons worth $2.84 billion, Afghanistan with 3.06 million tons worth $1.27 billion and Pakistan with 1.87 million tons worth $764.39 million were the top export destinations.

Imports stood at 13.89 million tons worth $15.21 billion. The UAE with 8.02 million tons worth $10.08 billion, Turkey with 2.72 million tons worth $3.24 billion, Iraq with 1.51 million tons worth $706.86 million, Oman with 740,399 tons worth $355.73 million and Malaysia with 209,568 tons worth $314.93 million were the main exporters.

Founded in 1969, the Organization of Islamic Cooperation is an international organization consisting of 57 member states, including Iran, with 47 countries being Muslim majority countries. Some, especially in West Africa, have large Muslim populations but are not necessarily Muslim majority countries.

Iran traded a total of 110.3 million tons of goods (excluding crude oil) worth $63.1 billion during the eight-month period, registering a 43.5% and 40% year-on-year growth in weight and value respectively, according to IRICA, meaning OIC states accounted for over half of Iran’s overall trade.

Total exports stood at 83.7 million tons worth $31.1 billion, 10.5% and 42% higher in terms of weight and value respectively YOY, IRNA reported.

Petrochemical exports with 39.8 million tons worth $13.3 billion had the biggest share in exports, accounting for 47% of total weight and 43% of total value.

China with 19.3 million tons worth $9.1 billion, Iraq with 21.6 million tons worth $6.1 billion, Turkey with 11.3 million tons worth $3.8 billion, the UAE with 7.3 million tons worth $2.9 billion and Afghanistan with 3 million tons worth $1.27 billion were the top five export destinations.

Total imports stood at 26.5 million tons worth $32 billion, registering a 38% and 21% increase in weight and value respectively.

Top five exporters to Iran were the UAE with 8 million tons worth $10.1 billion, China with 2.2 million tons worth $7.2 billion, Turkey with 2.7 million tons worth $3.2 billion, Germany with 549,000 tons worth $1.2 billion and Switzerland with 1.3 million tons worth $1.1 billion, respectively.

Fiscal 2020-21 in Review

Iran’s trade with OIC members stood at 82.86 million tons worth $36.66 billion in the fiscal 2020-21.

Top trade partners during the year under review were the UAE with 20.57 million tons worth $14.42 billion, Iraq with 25.77 million tons worth $7.58 billion, Turkey with 11.24 million tons worth $6.94 billion, Afghanistan with 7.04 million tons worth $2.31 billion and Pakistan with 2.72 million tons worth $1.18 billion.

Exports to OIC members hit 70.49 million tons worth $21.05 billion.

The main export destinations included Iraq with 25.67 million tons worth $7.45 billion, the UAE with 15.44 million tons worth $4.66 billion, Turkey with 6.38 million tons worth $2.54 billion, Afghanistan with 7.03 million tons worth $2.31 billion and Pakistan with 2.55 million tons worth $1 billion.

Fiscal 2020-21 imports stood at 12.37 million tons worth $15.61 billion.

The UAE with 5.14 million tons worth $9.76 billion, Turkey with 4.86 million tons worth $4.4 billion, Oman with 1.28 million tons worth $433.97 million, Malaysia with 223,090 tons worth $288.02 million and Iraq with 102,818 tons worth $133.85 million were the top exporters to Iran among OIC members during the period.

Iran’s total foreign non-oil trade stood at 145.7 million tons worth $73 billion in the last fiscal year (March 2020-21).

According to IRICA, exports accounted for 112 million tons worth $34.52 billion and imports constituted 34.4 million tons worth $38.5 billion of the sum.

The exports mainly included gasoline, natural gas, polyethylene, propane, and pistachio.

The main export destination was China with 26.6 million tons worth $8.9 billion of imports from Iran, followed by Iraq, the UAE, Turkey and Afghanistan.

“These five countries imported 80 million tons of non-oil goods worth $25.7 billion,” former IRICA chief, Mehdi Mirashrafi, was also quoted as saying by Mehr News Agency.

“Iran’s foreign trade declined by 25 million tons due to sanctions and the Covid-19 pandemic, such that the country’s trade deficit stood at $4 billion.”

Mirashrafi noted that a total of 23.1 million tons of essential goods, including corn, cellphones, rice, soymeal, oilseeds, wheat and unprocessed oils, worth $12 billion were imported during the period.

Iran imported 3.5 million tons of essential goods worth $9.7 billion from China, 5 million tons worth $9.6 billion from the UAE, $4.3 billion worth of goods from Turkey, 2.2 million tons worth $2.1 billion from India and 1.2 million tons worth $1.8 billion from Germany in the year ending March 20, 2021.