Iran Registers $255m in Non-Oil Trade Surplus With Neighbors
EghtesadOnline: Iran traded 3.66 million tons of non-oil commodities worth $1.84 billion with its 15 neighboring countries in the first month of the current fiscal year (March 21-April 20) to register a 12.75% and 13.63% decline in tonnage and value respectively compared with the same period of last year.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 3.07 million tons worth $1.05 billion during the month, indicating a 19.76% and 29.31% decrease in tonnage and value respectively over last year’s similar period.
Imports stood at 592,682 tons worth $796.3 million, up 59.42% and 22.14% in tonnage and value respectively year-on-year.
A non-oil trade surplus of $255.04 million was registered in favor of Iran during the period, according to Financial Tribune.
Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, the UAE, Bahrain and Saudi Arabia are Iran’s 15 neighboring countries.
Main Commodities, Trading Partners
Iran mainly exported low-density oils, tomatoes, bitumen and mineral oils to its neighbors.
In exchange, major commodities imported into Iran by the neighbors included butter, machinery parts, field corn, semi- and wholly-milled rice and graphite electrodes used in furnaces.
In terms of trade value, the UAE topped the list among neighboring countries with Iran trade standing at 903,607 tons worth $568.38 million, down by 32.7% and 34.15% in tonnage and value respectively YOY.
Exports to UAE amounted to 737,028 tons worth $230.56 million to register a 38.19% and 57.98% decline in tonnage and value respectively YOY.
UAE was Iran’s second biggest export destination among the countries under review and fourth worldwide.
In return, UAE exported 166,579 tons of commodities worth $337.82 million to Iran, up by 10.85% and 7.41% in tonnage and value respectively YOY.
UAE was the second exporter of goods to Iran among the neighboring states and third in the world.
Major Iranian commodities exported to UAE were low-density oils, mineral oils and bitumen. In exchange, UAE mainly exported graphite electrodes used in furnaces, butter, coal and machinery to Iran.
Turkey was Iran’s second biggest trading partner among these countries during the period, as two-way commercial exchanges stood at 491,247 tons worth $464.63 million to register a 76.76% and 77.76% growth in tonnage and value respectively YOY.
Iran exported 257,764 tons of goods worth $118.93 million to Turkey, up by 27.79% in tonnage and down 7.33% in value YOY.
Turkey was Iran’s fourth biggest export destination among neighboring countries and sixth in the world during the 12 months.
Iran’s exports to Turkey included urea, non-alloy zinc, polyethylene film grade, copper and aluminum.
Iran imported 233,483 tons of commodities worth $345.69 million from Turkey, up 206.38% and 159.84% in tonnage and value respectively YOY, which mainly included butter, machinery, field corn, cooking bananas and sheep.
Turkey was the top exporter of goods to Iran among the neighbors and second exporter to Iran in the world.
Iraq was Iran’s third major trading partner among the neighboring states. Trade between Iran and Iraq amounted to 944,845 tons worth $394.23 million, indicating a 2.8% decline in tonnage and 0.07% increase in value YOY.
Iran’s exports reached 939,576 tons worth $388.54 million, down 3.14% and 1.08% in tonnage and value respectively YOY, while Iraq’s exports to Iran were at 5,269 tons worth $5.69 million, up by 150.9% and 378.44% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination as well as the sixth exporter of goods to Iran among neighbors. The country was Iran’s second biggest export destination and 28th exporter to Iran in the world.
Tomatoes, watermelon, low-density oils, mineral oils and cheese were Iran’s main goods exported to Iraq, while Iraq exported mainly chemicals, aluminum alloy, kraft paper and computer networking devices.
Afghanistan was Iran’s third biggest export destination, after Iraq and the UAE, among neighbors and fifth in the world, as Iran exported 421,049 tons worth $140.17 million to Afghanistan during the month, down by 7.42% and 18.23% in tonnage and value respectively YOY.
Iran mainly exported low-density oils, hydrocarbons and tomatoes to Afghanistan.
Russia was the third major exporter of goods to Iran among neighbors, after Turkey and the UAE, during the period as Iran imported 148,386 tons of commodities worth $62.12 million from Russia, indicating an 86.15% rise in tonnage and 62.44% fall in value YOY.
Iran mainly imported field corn, sunflower oil, barley and radio navigation devices from Russia.
Russia was the 10th exporter of goods to Iran during the year.
Highest Growths, Declines in Trade
Trade with Turkey ($464.63 million), Pakistan ($105.36 million) and Armenia ($6.64 million) saw the highest YOY growths of 77.76%, 22.27% and 0.45% respectively, while trade with Oman ($19.37 million), Kuwait ($10.37 million) and Kazakhstan ($8.62 million) witnessed the lowest declines of 63.85%, 61.61% and 56.67% respectively.
Iran’s exports to Pakistan ($75.87 million) and Armenia ($6.24 million) saw the highest growths of 13.3% and 9.5% respectively, while exports to Oman ($10.42 million), Kuwait ($9.61 million) and the UAE ($230.56 million) witnessed the highest declines 77.79%, 64.22% and 57.98% respectively.
Imports from Turkmenistan ($915,037), Kuwait ($755,502) and Iraq ($5.69 million) saw the highest growths of 4,343.44%, 439.14% and 378.44% respectively, while imports from Afghanistan ($245,628), Kazakhstan ($2.96 million) and Russia ($62.12 million) witnessed the highest declines of 71.01%, 66.68% and 62.44% respectively.