Fiscal 2021-22 Trade With Neighbors Surges 43 Percent to $51.8 Billion

EghtesadOnline: Iran traded 100.13 million tons of goods worth $51.87 billion with its 15 neighboring countries (with which it shares sea or land borders) in the last Iranian year (March 2021-22), according to Alireza Moqaddesi, the head of the Islamic Republic of Iran Customs Administration.

News ID: ۷۸۷۸۲۴

20 April 2022

The tonnage and value of trade registered a 23% and 43% rise respectively compared to the preceding year.

Iran’s exports stood at 75.44 million tons worth $26.03 billion, registering a 12% and 29% rise in weight and value respectively compared with the year before, IRNA reported.

Iraq with $8.9 billion (up 21% YOY) topped the list of export destinations. It was followed by Turkey with $6.1 billion (up 141% YOY), the UAE with $4.9 billion (down 8% YOY), Afghanistan with $1.8 billion (down 20% YOY) and Pakistan with $1.3 billion (up 24% YOY) were the country’s top five export destinations followed by Oman with $716 million (up 63% YOY), Russia with $579 million (up 15% YOY), Azerbaijan Republic with $565 million (up 11% YOY), Turkmenistan with $335 million (up 144% YOY), Armenia with $304 million (no significant YOY change), Kazakhstan with $187 million (up 11%YOY), Kuwait with $158 million (up 2% YOY), Qatar with $134 million (down 20% YOY), Bahrain with $10 million (up 15% YOY) and Saudi Arabia with $41,400.

As for imports, Iran shipped in 24.68 million tons of products worth $25.84 billion from its neighbors during the same period, indicating a 68% and 60% growth in tonnage and value respectively compared with the year before.

The UAE was the top exporter to Iran with $16.5 billion (up 69% YOY). It was followed by Turkey with $5.3 billion (up 20% YOY), Russia with $1.7 billion (up 54% YOY), Iraq with $1.2 billion (up a whopping 790% YOY) and Oman with $619 million (up 43% YOY), followed by Pakistan with $312 million, Kazakhstan with $78 million, Azerbaijan Republic with $42.6 million, Turkmenistan with $33.3 million, Afghanistan with $21.1 million, Armenia with $20.2 million, Kuwait with $14.8 million, Qatar with $9.6 million and Bahrain with $1.5 million.

Iran’s total 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 IRICA chief, which shows neighbors accounted for over a half of Iran’s total exchanges during the period.

Total 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.

Total imports hit 40 million tons worth $52 billion, registering a 21% and 36% growth in weight and value respectively.

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

Iran traded $36.45 billion worth of non-oil goods with 15 neighboring countries in the fiscal 2020-21, down from $40 billion in the preceding year. Iran’s exports to its neighbors totaled $20.35 billion, indicating a $4 billion decrease in value year-on-year while imports amounted to $16.09 billion, unchanged compared with the previous year.