Monthly Foreign Trade Hit $9.8b

EghtesadOnline: Iran traded 15.8 million tons of goods worth $9.86 billion in the 11th month of the current fiscal year (Jan. 21-Feb. 19), registering a 5% and 52% year-on-year growth in weight and value respectively, according to Rouhollah Latifi, spokesman of the Islamic Republic of Iran Customs Administration.

News ID: ۷۸۷۷۷۸

16 March 2022

The above figures indicate that the country’s foreign trade experienced a month-on-month rise of 41% and 21% in weight and value respectively.

Exports stood at 12.23 million tons worth $4.75 billion, registering a 45% and 64% year-on-year growth and a 51% and 31% month-on-month growth in weight and value respectively, IRNA reported.

China with 2.01 million tons worth $1.18 billion was the main export destination during the period, with 56% YOY growth and 6% MOM decline.

It was followed by Turkey with 3.23 million tons worth $1.08 billion, registering a growth of 504% YOY and 169% MOM; Iraq with 2.98 million tons worth $927 million, registering an 80% MOM and 103% YOY growth; the UAE with 814,000 tons worth $430 million, registering a 9% YOY and 17% MOM growth; and Afghanistan with 261,00 tons worth $116 million, registering an 8% MOM and 48% YOY growth.

Imports stood at 3.57 million tons worth $5.1 billion, registering a growth of 46% and 42% YOY and 15% and 13% MOM in weight and value respectively.

With 406,000 tons worth $1.57 billion, China registered a 73% YOY and 40% MOM rise and was the main exporter to Iran.

The UAE with 1.27 million tons worth $1.53 billion, registering a 46% YOY growth and 1% MOM decline; Turkey with 254,000 tons worth $472 million, registering a 13% YOY growth and 12% MOM decline; Germany with 11,000 tons worth $130 million, registering a 13% MOM and 40% YOY decline; and Iraq with 350,000 tons worth $129 million, registering a growth of 699% YOY and 214% MOM came next.

About 1.07 million tons of foreign goods were transited through Iran during the period, registering a 36% YOY growth (unchanged compared with the previous month), Latifi added.

11-Month Perspective

The IRICA spokesman earlier reported that a total of 112.65 million tons of goods (except crude oil) worth $43.52 billion were exported from Iran during the first 11 months of the current fiscal year, registering a 10% and 40% year-on-year growth in weight and value respectively.

“China with 25.63 million tons [up 4.5% YOY] worth $12.63 billion [up 56% YOY] was the main export destination,” Rouhollah Latifi was quoted as saying by Mehr News Agency.

The tonnage and value of exports to China saw a 4.5% and 56% rise respectively year-on-year.

China was followed by Iraq with 28 million tons (up 17.5%) worth $8.2 billion (up 20%), Turkey with 15.3 million tons (up 160%) worth $5.6 billion (up 153%), the UAE with 9.8 million tons (down 28%) worth $4.2 billion (up 3%) and Afghanistan with 3.8 million tons (down 40%) worth $1.6 billion (down 20%).

Total imports stood at 36.77 million tons worth $46.57 billion during the period, registering a 19% and 36% YOY increase in volume and value respectively.

The UAE with 11.5 million tons (up 164%) worth $14.57 billion (up 72%) was the biggest exporter, followed by China with 3.3 million tons (up 0.5%) worth $11.1 billion (up 26%), Turkey with 3.5 million tons (down 20%) worth $4.7 billion (up 22.5%), Germany with 683,000 tons (down 41%) worth $1.64 billion (up 2%) and Switzerland with 1.74 million tons (up 37%) worth $1.48 billion (up 94.5%).

Iran's foreign trade, excluding crude oil exports stood at 149.4 million tons worth $90 billion during the period, registering a 12% and 38% growth in tonnage and value compared with the corresponding period of last year.

The imports mainly included essential goods, raw materials, production machinery, pharmaceuticals and medical equipment.

Also known as necessity or basic goods, essential goods are products consumers will buy, regardless of changes in income levels, such as rice, vegetable oil, sugar, wheat and flour.

Basic imports are entitled to subsidized currency, provided from oil export.

A total of 27.61 million tons of essential goods worth $17.53 billion were imported into Iran during the period under review, registering a 28% and 60% rise in weight and value respectively compared with the similar period of last year, according to the IRICA spokesperson.

Latifi said the import of essential goods accounted for 75% of the tonnage and 38% of the value of total imports during the period under review.

According to the spokesman, 24.03 million tons worth $13.67 billion were imported using subsidized foreign currency at the rate of 42,000 rials per dollar, registering a 30% and 77% YOY rise in weight and value respectively.

The basic imports at the preferential rate (42,000 rials per US dollar) included 8.65 million tons of corn worth $2.99 billion (down 6% in weight and up 29% in value), 1.87 million tons of unrefined and edible vegetable oils worth $2.55 billion (up 81% in weight and 185% in value), 19,889 tons of pharmaceuticals and medical equipment worth $2.35 billion (up 46% in weight and 58% in value), 6.04 million tons of wheat worth $2.08 billion (up 108% in weight and 157% in value), 2.25 million tons of oilseeds worth $1.58 billion (up 10% in weight and 47% in value), 2.26 million tons of soymeal worth $1.23 billion (up 40% in weight and 78% in value) and 2.93 million tons of barley worth $873.76 million (up 72% in weight and 17% in value).

Latifi noted that 3.58 million tons of the essential goods imports worth $3.86 billion were purchased using “non-preferential” resources, registering a 20% rise in both volume and value compared with the corresponding period of last year.

The goods included 1.36 million tons of rice worth $1.15 billion (up 49% YOY in weight and 40% in value), 1.15 million tons of unrefined sugar worth $518.03 million (up 13% in volume and 40% in value), 39,190 tons of machinery used in the production of essential goods worth $366.82 million, 84,015 tons of heavy vehicle tires worth $303.69 million, 166,560 tons of chemical fertilizers worth $124.46 million, 9.789 tons of chemical pesticides and insecticides worth $91.54 million, 482 tons of veterinarian medicines worth $50.47 million, and 776.65 tons of other goods, mainly red meat, chicken, eggs, pulses and tea, worth $1.25 million (up 12% and 19% in weight and value respectively).”