Iran's Non-Oil Trade With Neighbors Hits $30b
EghtesadOnline: Iran traded 57.28 million tons of non-oil commodities worth $29.96 billion with its 15 neighboring countries during the first 10 months of the current fiscal year (March 21, 2018-Jan. 20) to register a 34.34% decline in tonnage and 3.49% growth in value compared with last year’s corresponding period.
The 15 trading countries are Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, the UAE and Saudi Arabia.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 50.46 million tons worth $20.6 billion during the period, indicating a 16.12% and 21.96% increase in tonnage and value respectively year-on-year.
Imports stood at 6.81 million tons worth $9.36 billion, down 23.42% and 22.37% in tonnage and value respectively YOY, according to Financial Tribune.
Main Commodities, Trading Partners
Iran mainly exported liquefied natural gas, gas condensates, low-density oils, mineral oils and natural gas to the neighboring countries.
In exchange, major commodities imported into Iran from the neighboring states included nuclear reactors’ parts, cellphones, barley and steam turbines’ parts.
In terms of total trade value, the UAE topped the list among the neighboring countries with bilateral trade standing at 15.48 million tons worth $10.76 billion, down by 23.35% and 18.92% in tonnage and value respectively YOY.
Exports to UAE amounted to 12.17 million tons worth $5.31 billion to register a 17.91% decline in tonnage and a 1.93% rise in value YOY.
UAE was Iran’s second biggest export destination among the countries and the third worldwide.
In return, UAE exported 3.31 million tons of commodities worth $5.45 billion to Iran, down by 38.37% and 32.38% in tonnage and value respectively YOY.
UAE was the top exporter of goods to Iran among the states and the second in the world after China.
Major Iranian commodities exported to UAE were gas condensates, low-density oils and mineral oils.
For its part, UAE mainly exported cellphones, steam turbines’ parts, boneless frozen cow parts and butter to Iran.
Iraq was Iran’s second biggest trading partner during the 10 months, as two-way commercial exchanges stood at 16.81 million tons worth $7.56 billion to register a 52.1% and 43.71% growth in tonnage and value respectively YOY.
Iran exported 16.74 million tons of goods worth $7.51 billion to Iraq, up by 53.02% and 44.75% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination among neighboring countries and second in the world during the period.
Iran’s exports to Iraq included liquefied natural gas, natural gas, evaporative coolers and household cleaning detergents.
Iran imported 62,626 tons of commodities worth $51.32 million from Iraq, down 41.38% and 30.05% in tonnage and value respectively YOY, a majority of which were machinery, low-density oil, cans and aluminum alloy.
Iraq was the seventh exporter of goods to Iran among the neighbors and 39th exporter to Iran in the world.
Turkey was Iran’s third major trading partner among neighboring states.
Mutual trade between Iran and Turkey amounted to 7.2 million tons worth $4.06 billion, indicating a 28.91% increase in tonnage and 6.34% decrease in value YOY.
Iran’s exports reached 6.2 million tons worth $2.02 billion, up 54.58% and 21.33% in tonnage and value respectively YOY, while Turkey’s exports to Iran were at 1 million tons worth $2.03 billion, down by 36.33% and 23.65% in tonnage and value respectively YOY.
Turkey was Iran’s fourth export destination as well as the second exporter of goods to Iran among neighbors. The country was Iran’s fifth export destination and third exporter to Iran in the world.
Liquefied natural gas, non-alloy zinc, aluminum and bitumen were Iran’s main goods exported to Turkey, while Turkey exported mainly cooking bananas, tobacco and transmission devices.
Afghanistan was Iran’s third biggest export destination, after Iraq and the UAE, among neighbors and the fourth biggest in the world, as Iran exported 4.82 million tons worth $2.53 billion to Afghanistan during the 10-month period, up by 1.08% and 12.24% in tonnage and value respectively YOY.
Iran mainly exported low-density oils, floorings and iron/steel bars to Afghanistan.
Russia was the third major exporter of goods to Iran among neighbors, after the UAE and Turkey, during the 10 months as Iran imported 1.55 million tons of commodities worth $1.03 billion from Russia, indicating a 40.35% and 75.13% hike in tonnage and value respectively YOY.
Iran mainly imported nuclear reactors’ parts, barley and field corn from Russia.
Russia was the eighth exporter of goods to Iran in 10 months in the world.
Highest Growth, Decline in Trade
Trade with Oman (at $1.04 billion), Russia (at $1.25 billion), and Iraq (at $7.56 billion) saw the highest YOY growth of 82.71%, 58.19% and 43.71% respectively, while trade with Saudi Arabia (at $360,397), UAE (at $10.76 billion) and Turkmenistan (at $341.97 million) witnessed the lowest decline of 83.66%, 18.92% and 7.09% respectively.
Iran’s exports to Oman (at $638.62 million), Iraq (at $7.51 billion) and Armenia (at $132.86 million) saw the highest growth of 52.97%, 44.75% and 42.37% respectively, while exports to Kazakhstan (at $112.37 million) and Turkmenistan (at $333.99 million) witnessed the highest decline of 14.58% and 6.83% respectively.
Imports from Oman (at $403.38), Russia (at $1.03 billion) and Kazakhstan (at $67.11 million) saw the highest growth of 164%, 75.13% and 53.58% respectively, while imports from Bahrain (at $812,013), Qatar (at $7.22 million) and Kuwait (at $11.27 million) witnessed the highest decline of 68.04%, 67.04% and 58.21% respectively.