Surge in Monthly Foreign Trade Hit Record Over Past Four Years

EghtesadOnline: Iran’s monthly foreign trade has registered a record.

News ID: ۷۸۷۸۱۶

13 April 2022

Commercial exchanges, excluding crude oil exports, stood close to 14.54 million tons worth $11.53 billion during the month to March 20, registering a 17% rise in value compared with the month before and a 40% increase compared with the similar period of the year before, according to the spokesperson of the Islamic Republic of Iran Customs Administration.

Rouhollah Latifi added that the monthly trade volume is a record high over the past four years since economic sanctions were tightened against Iran.

“During the month under review, we exported a total of 10.11 million tons of commodities worth $5.1 billion, registering a 2% decline in weight but a 37% growth in value compared with the corresponding period of last year,” he was quoted as saying by IRNA.

Iran’s top export destinations during the month, he added, were China with 3.35 million tons worth $1.69 billion (up 76% in value YOY), the UAE with 923,000 tons worth $699 million (up 53% in value YOY), Iraq with 1.86 million tons worth $694 million (up 22% in value YOY), Turkey with 434,000 tons worth $480 million (up 61% in value YOY) and Afghanistan with 342,000 tons worth $184 million (down 11% in value YOY).

“Imports during the same period stood at 4.42 million worth $6.43 million, registering a 24% and 26% increase in volume and value respectively compared with the previous month and a 52% and 42% growth in weight and value respectively compared with the corresponding period of the year before,” the spokesman said.

The top five exporters to Iran were the UAE with 1.26 million tons worth $1.97 billion (up 78% YOY in value), China with $468,000 tons worth $1.54 billion (up 58% YOY in value), Turkey with $254,00 tons worth $596 million (up 7% in value YOY), Germany with 161,000 tons worth $282 million (up 58% YOY in value) and Russia with 515,000 tons worth $214 million (up 84% in value YOY).

“More than 1.17 million tons of goods transited through Iran during the period, indicating a 9% rise compared with the previous month and a 52% growth YOY. This figure is also a monthly record high,” the IRICA spokesman added.

Fiscal 2021-22 Foreign Trade at $100b

Iran’s foreign trade, excluding crude oil exports, stood at 162 million tons worth $100 billion in the fiscal 2021-22, registering a 38% rise in value compared with the year before, according to the head of the Islamic Republic of Iran Customs Administration.

“Exports stood at 122 million tons worth $48 billion, registering a 41% increase in value compared with the previous year. Iran’s top five export destinations were China, Iraq, Turkey, the UAE and Afghanistan,” Alireza Moqaddesi was also quoted as saying by IRNA.

Imports hit 40 million tons worth $52 billion during the same period, registering a 21% and 36% growth in weight and value respectively.

The UAE, China, Turkey, Germany and Russia were the main exporters.

“The imports mainly included essential goods, raw materials and production line machinery,” he added.

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

Iran’s basic imports in the fiscal 2021-22 included corn, unrefined vegetable oil, pharmaceuticals and medical equipment, wheat, oilseeds, soymeal, barley, rice, sugar, heavy vehicle tires, fertilizer, pesticide and insecticide, veterinarian medicine, red meat, chicken, eggs, pulses and tea.

Basic imports are entitled to subsidized foreign currency gained from oil exports.