EghtesadOnline: The import price index stood at 486.7 in the last Iranian year (March 2017-18), registering a 3.7% drop compared to the year before, the Statistical Center of Iran reported.
As for each quarter of last year, the index fluctuated -1.1%, -1.7%, 0.7% and 2.2% year-on-year respectively.
The import price index measures changes in the prices of merchandise imports. The index numbers for each reference period relate to prices of imports landed into the country during the period, with the base year for Iran being fiscal 2011-12 and set at 100.
IPI is primarily affected by two factors: foreign exchange rates and global commodity prices, according to Financial Tribune.
The index is calculated for the prices of one or a basket of commodities in international trading using, ideally, FOB export prices.
The SCI data were calculated using preliminary statistics by Islamic Republic of Iran’s Customs Administration for last year. The report is scheduled to be revised and finalized by September.
IPI for “unprocessed skin and leather” had the highest YOY rise, recording a 17% uptick compared with the year before last. “Livestock and animal products” came second with a 13.4% YOY growth in IPI, followed by “textile materials and products” with 10.2% and “mineral products” with 7.9%.
The highest drop, however, was recorded for “natural or processed pearls and precious stones” with a 26% downtick YOY. It was followed by “optical machinery and photography equipment” with 18.5%, “mechanical machinery and equipment” with 8% and “shoes, hats and umbrellas” with 7.8%.
SCI’s data also show that the export price index stood at 181.4 last year, registering a 5.6% rise year-on-year.
EPI grew 2.8% in Q1, dropped -0.8% in Q2 and rose 0.7% and 2.7% in Q3 and 4.
EPI for mineral products had the highest YOY rise, recording a 20.4% increase YOY. Base metals came second with a 9.4% YOY growth, followed by “miscellaneous commodities and products” with 5.8% and food products with a 3.7% YOY rise.
The biggest EPI decline was recorded for “shoes, hats and umbrellas” with 8.1%. Next was “unprocessed skin and leather” with a 5.6% YOY drop, followed by wooden products with 2.1% and “works of art, collections and antiques” with 2%.
Iran’s non-oil foreign trade in the last fiscal year (ended March 20, 2018) stood at $101.23 billion, indicating a 15.5% rise compared with the year before.
Exports during the 12-month period hit 132.3 million tons worth $46.93 billion, indicating a 6.56% rise year-on-year, according to the Islamic Republic of Iran Customs Administration.
Imports amounted to 38.73 million tons worth $54.3 billion, up 24.31% YOY. The key driver of growth in imports was the higher inflow of basic goods, auto parts and capital goods.
Industrial exports saw a rise of 22.27% last year while exports of petrochemicals and gas condensates experienced a decline of 8.29% and 3.28%, respectively.
The biggest exports include petrochemical products worth $15.14 billion (accounting for 32% of the value of total export), followed by gas condensates with $7.79 billion (16% of total exports), liquefied natural gas with $2.49 billion (5% of total exports), liquefied propane with $1.47 billion (just over 3% of total exports), light crude oil, excluding gasoline with $1.32 billion (about 3% of total exports) and methanol with $1.17 million (over 2.5% of total exports).
China, the UAE, Iraq, South Korea and Turkey were Iran’s top export destinations last year.
Imports of intermediate goods stood at 29.91 million tons worth $32.75 billion, accounting for 60.31% of total Imports. This is while imports of $8.69 billion worth of 895,000 tons of capital goods accounted for 16.02% of overall imports.
Major exporters to Iran were China with $13.21 billion, the UAE with $10.06 billion, South Korea with $3.71 billion, Turkey with $3.19 billion and Germany with $3.83 billion.