BRICS Accounts for 30% of Iranian Non-Oil Trade
EghtesadOnline: Iran traded 43.94 million tons of non-oil commodities worth $23.68 billion with BRICS nations during the 11 months to Feb. 19, registering a 9.47% and 8.34% decline in tonnage and value respectively compared with last year’s corresponding period.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 36.69 million tons worth $10.49 billion during the period, indicating a 10.49% and 2.22% decrease in tonnage and value respectively year-on-year.
Imports stood at 7.24 million tons worth $13.19 billion, down 3.93% and 12.69% in tonnage and value respectively YOY.
BRICS is the acronym for an association of five major emerging economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC", before the induction of South Africa in 2010. The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members, according to Financial Tribune.
Statistics from the Islamic Republic of Iran Customs Administration show Iran’s overall non-oil foreign trade stood at $78.57 billion during the 11 months. Compared with IRICA's data for last year's corresponding period, foreign trade during the period indicates a 12% decrease year-on-year.
Overall exports hit 105.9 million tons worth $40.07 billion to register a 6.36% decrease in weight and a 0.74% decline in value YOY.
Imports amounted to 28.92 million tons worth $38.5 billion, down 21.47% in weight. Imports saw a decline of 19.2% in value over last year’s similar period.
The above figures suggest that Iran's non-oil trade with BRICS nations accounted for 30.14% of the country's overall foreign trade during the 11-month period. Exports to this select group of countries accounted for 26.18% of overall exports, as 34.26% of overall imports came from these five nations.
Main Commodities, Trading Partners
Iran mainly exported liquefied propane, methanol, film grade polyethylene, ethylene glycol, liquefied butane and urea to BRICS member countries.
In exchange, major commodities imported into Iran from BRICS nations included semi-milled rice, wholly-milled rice, auto parts, graphite electrodes used in furnaces, nuclear reactors’ parts, frozen boneless cow parts and field corn.
In terms of total trade value, China topped the list among BRICS member states such that trade with Iran stood at 31.7 million tons worth $17.73 billion, down by 11.46% and 10.6% in tonnage and value respectively YOY.
Exports to China amounted to 28.52 million tons worth $8.35 billion to register a 4.37% decline in tonnage and 4.37% growth in value YOY.
China was Iran’s top export destination among the countries under review as well as among other countries during the 11 months.
In return, China exported 3.17 million tons of commodities worth $9.37 billion to Iran, down by 26.39% and 20.74% in tonnage and value respectively YOY.
China was the top exporter of goods to Iran among BRICS members and also worldwide.
Major Iranian commodities exported to China were liquefied propane, film grade polyethylene and methanol.
China mainly exported auto parts, graphite electrodes used in furnaces, machinery and LCD/LED screen modules to Iran.
India was Iran’s second biggest trading partner among BRICS nations during the 11 months, as two-way commercial exchanges stood at 9.26 million tons worth $4.04 billion to register a 12.83% and 9.49 decrease in tonnage and value respectively YOY.
Iran exported 7.59 million tons of goods worth $1.83 billion to India, down 15.86% and 24.88% in tonnage and value respectively YOY.
India was Iran’s second biggest export destination among BRICS members and sixth among all countries during the period.
Iran’s exports to India mainly included methanol, urea, ammonia and bitumen. It imported 1.67 million tons of commodities worth $2.21 billion from India, up by 4.1% and 9.09% in tonnage and value respectively YOY, which mainly consisted of semi- and whole-milled rice, tea, graphite electrodes used in furnaces and oilcake.
India was the second exporter of goods to Iran among the states under review and fourth among all countries.
Russia was Iran’s third major trading partner among BRICS states.
Trade between Iran and Russia amounted to 2.23 million tons worth $1.38 billion, indicating a 37.28% and 57.57% rise in tonnage and value respectively YOY.
Iran’s exports reached 428,560 tons worth $246.45 million, up 2.45% and 5.98% in tonnage and value respectively YOY, while Russia’s exports to Iran were at 1.8 million tons worth $1.13 billion, up by 49.35% and 76.12% in tonnage and value respectively YOY.
Russia was Iran’s third export destination as well as the third exporter of goods to Iran among BRICS members. The country was Iran’s 16th export destination and eighth exporter to Iran in the world.
Kiwi, apples, tomatoes and pistachios were Iran’s main goods exported to Russia, while Russia exported mainly nuclear reactor parts, field corn, barley and sunflower oilseed to Iran.
Highest Growths, Declines in Trade
Trade with Russia (at $1.38 billion) and South Africa (at $69.32 million) saw the highest YOY growths of 57.57% and 6.39% respectively, while trade with Brazil ($450.18 million), China ($17.73 billion) and India ($4.04 billion) witnessed the lowest declines of 23.59%, 10.6% and 9.49% respectively.
Iran’s exports to Brazil ($17.09 million), Russia ($246.45 million) and China ($8.35 billion) saw the highest growths of 62.2%, 5.98% and 4.37% respectively, while exports to India ($1.83 billion) and South Africa ($35.2 million) witnessed the highest declines of 24.88% and 1.03% respectively.
Imports from Russia ($1.13 billion), South Africa ($34.12 million) and India ($2.21 billion) saw the highest growths of 76.12%, 15.31% and 9.09% respectively while imports from Brazil ($433.09 million) and China ($9.37 billion) witnessed the highest declines of 25.15% and 20.74% respectively.