Iran's Foreign Trade Rises 53% to $8.9b

EghtesadOnline: Iran’s foreign trade, except for crude oil exports, stood at 13.17 million tons worth $8.95 billion in the current fiscal year’s ninth month (Nov. 22-Dec. 21) to register a 25% and 53% growth in weight and value respectively compared with the corresponding month of last year, according to Rouhollah Latifi, the spokesman of the Islamic Republic of Iran Customs Administration.

News ID: ۷۸۷۶۰۰

10 January 2022

Exports stood at 9.59 million tons worth $4.04 billion, registering a 0.5% and 23% growth in weight and value respectively year-on-year, the news portal of IRICA reported.

China with 1.98 million tons worth $1.26 billion, Iraq with 1.84 million tons worth $649 million, the UAE with 1.01 million worth 499 million, Turkey with 338,000 tons worth $363 million and Afghanistan with 269,000 tons worth $141 million were the main export destinations.

Imports hit 3.58 million tons worth $4.91 billion, registering a 19% and 27% YOY growth in weight and value respectively.

Top exporters to Iran were the UAE with 878,000 tons of goods worth 1.42 billion, China with 286,000 tons worth $1.19 billion, Turkey with 212,000 tons of goods worth $454 million, Switzerland with 240,000 tons worth $157 million and Germany with 44,000 tons worth $156 million.

The IRICA spokesman noted that a total of 1.06 million tons of foreign goods were transited through Iran during the month under review, registering a 53% growth compared with last year’s corresponding period.

Nine-Month Perspective

Iran’s foreign trade (excluding crude oil exports) stood at 122.5 million tons worth $72.1 billion in the first nine months of the current fiscal year (March 21-Dec. 21), registering an 11% and 38% year-on-year growth in weight and value respectively, according to the Islamic Republic of Iran Customs Administration.

According to IRICA caretaker, Alireza Moqaddasi, exports hit 92.3 million tons worth $35.1 billion to register an 8% and 40% increase in weight and value respectively compared with last year’s corresponding period.

Petrochemicals had the lion’s share of exported items with 42.4 million tons worth $14.7 billion during the period, accounting for 46% of total exports’ weight and 42% of value.

China was Iran's biggest export destination with 21.3 million tons of imports worth $10.2 billion, followed by Iraq with 23.5 million tons worth $6.8 billion, Turkey with 11.7 tons worth $4.1 billion, the UAE with 8.3 million tons worth $3.4 billion and Afghanistan with 3.3 million tons worth $1.4 billion.

Imports hit 30.1 million tons worth $37 billion during the period, registering a 20% and 37% growth in weight and value YOY respectively.

The imported goods mainly consisted of essential goods: a total of 23.1 million tons worth 12.4 billion were imported, 32% and 61% higher in weight and value YOY respectively.

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

The UAE with 8.9 million tons of exports worth $11.5 billion, China with 2.5 million tons worth $8.4 billion, Turkey with 2.9 tons worth $3.7 billion, Germany with 593,000 tons worth $1.4 billion and Switzerland with 1.6 million tons worth $1.3 billion were the top five exporters to Iran.

Moqaddasi noted that 9.16 million tons of foreign goods were transited through Iran to other destinations during the same period to register a 76% growth.