The acronym VISTA is used in economics for discussing emerging markets. The concept was first proposed in 2006 by BRICs Economic Research Institute of Japan.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 481,441 tons worth $200.79 million during the month, indicating a 12.32% rise in tonnage and 16.63% decline in value year-on-year.
Imports stood at 235,459 tons worth $348.99 million, up 179.78% and 138.79% in tonnage and value respectively YOY, Financial Tribune reported.
As a result, Iran recorded $148.19 million in non-oil trade deficit with VISTA nations.
Main Commodities, Trading Partners
Iran mainly exported non-alloy semi-finished iron/steel products, urea, non-alloy zinc, non-alloy iron and steel ingots, bitumen, polyethylene film grade, refined copper, non-alloy aluminum and watermelon to VISTA countries.
In exchange, major commodities imported into Iran by these states included butter, machinery parts, field corn, cooking bananas, sheep, wood pulp and cotton.
In terms of total trade value, Turkey topped the VISTA list with Iran trade standing at 491,247 tons worth $464.63 million, up by 76.76% and 77.76% in tonnage and value respectively YOY.
Exports to Turkey amounted to 357,764 tons worth $118.93 million to register a 27.79% rise in tonnage and 7.33% decline in value YOY.
Turkey was Iran’s top export destination among the countries under review and sixth in the whole world.
In return, Turkey exported 233,483 tons of commodities worth $345.69 million to Iran, up by 206.38% and 159.84% in tonnage and value respectively YOY.
Turkey was the top exporter of goods to Iran among VISTA states and second in the world after China.
Major Iranian commodities exported to Turkey were urea, non-alloy zinc, polyethylene film grade, copper and aluminum.
In exchange, Turkey mainly exported butter, machinery, field corn, cooking bananas and sheep to Iran.
Indonesia was Iran’s second biggest trading partner among VISTA countries during the period, as two-way commercial exchanges stood at 192,059 tons worth $75.87 million to register a 13.64% and 30.19% decline in tonnage and value respectively YOY.
Iran exported 190,664 tons of goods worth $73.93 million to Indonesia, down by 11.69% and 25.93% in tonnage and value respectively YOY.
Indonesia was Iran’s second export destination among VISTA nations and ninth in the world during the one-month period.
Iran’s exports to Indonesia included non-alloy semi-finished iron/steel products, non-alloy iron/steel ingots, radar devices and bitumen. It imported 1,395 tons of commodities worth $1.94 million from Indonesia, down by 78.55% and 78.08% in tonnage and value respectively YOY, which mainly constituted coconut, paperboard, natural rubber, coffee and palm oil.
Indonesia was the second exporter of goods to Iran among the states and 41st in the world.
Vietnam was Iran’s third major trading partner among VISTA countries. Trade between Iran and Vietnam amounted to 32,971 tons worth $9 million, indicating a 198.75% increase in tonnage and 39.09% decline in value YOY.
Iran’s exports reached 32,470 tons worth $7.73 million, up 219.06% in tonnage and down 36.06% value YOY, while Vietnam’s exports to Iran reached 501 tons worth $1.26 million, down by 41.71% and 52.75% in tonnage and value respectively YOY.
Vietnam was Iran’s third export destination as well as the third exporter of goods to Iran among VISTA states. The country was Iran’s 24th export destination and 48th exporter to Iran in the world.
Sulfur, bitumen, saffron, frozen chicken and figs were Iran’s main goods exported to Vietnam, while Vietnam exported mainly coffee, pepper, pipes and coconuts to Iran.
Highest Growths, Declines in Trade
Trade with Turkey ($464.63 million) registered a growth of 77.76% YOY, while trade with South Africa ($243,235), Vietnam ($9 million) and Indonesia ($75.87 million) saw the lowest declines of 88.58%, 39.09% and 30.19% respectively.
Iran’s exports to all the VISTA countries witnessed declines, such that South Africa ($155,745), Vietnam ($7.73 million) and Indonesia ($73.93 million) experienced the lowest declines of 73.55%, 36.06% and 25.93% respectively.
Imports from Turkey ($345.69 million) witnessed the highest rise of 159% YOY, while imports from South Africa ($87,490), Indonesia ($1.94 million) and Vietnam ($1.26 million) registered the highest declines of 94.32%, 78.08% and 52.75% respectively YOY.