EghtesadOnline: Iran traded 1.36 million tons of non-oil commodities worth $779.38 million with member states of Economic Cooperation Organization, namely Turkey, Afghanistan, Pakistan, Azerbaijan, Turkmenistan, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan, in the first Iranian month (March 21-April 20).
This shows a 21.83% and 30.44% increase in tonnage and value respectively compared with last year’s similar month.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 1.08 million tons worth $385.51 million during the month, indicating a 10.42% growth in tonnage and a 10.25% decrease in value year-on-year.
Imports stood at 282,370 tons worth $393.86 million, up 101.49% and 134.47% in tonnage and value respectively YOY, according to Financial Tribune.
The Economic Cooperation Organization is a Eurasian political and economic intergovernmental organization founded in 1984 in Tehran by the leaders of Iran, Pakistan and Turkey. It provides a platform to discuss ways to improve development and promote trade and investment opportunities.
ECO is an ad hoc organization under the United Nations Charter established to create a single market for goods and services. Its secretariat and cultural department are located in Iran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan. The organization consists of predominantly Muslim-majority states located in Central Asia, which are connected to the Mediterranean through Turkey, to the Persian Gulf via Iran and to the Arabian Sea via Pakistan.
Main Commodities, Trading Partners
Iran mainly exported low-density oils, urea, non-alloy zinc and bitumen to ECO member states.
In exchange, major commodities imported into Iran from ECO nations included butter, machinery and parts, field corn, semi- and wholly-milled rice and cooking bananas.
In terms of total trade value, Turkey topped the list among ECO countries 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 second biggest export destination among the countries under review and sixth worldwide.
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 the ECO 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.
For its part, Turkey mainly exported butter, machinery, field corn, cooking bananas and sheep.
Afghanistan was Iran’s second biggest trading partner among ECO nations during the month as two-way commercial exchanges stood at 421,341 tons worth $140.41 million to register a 7.48% and 18.49% decline in tonnage and value respectively YOY.
Iran exported 421,049 tons of goods worth $140.17 million to Afghanistan, down by 7.42% and 18.23% in tonnage and value respectively YOY.
Afghanistan was Iran’s top export destination among ECO states and fifth in the world during the period.
Iran’s exports to Afghanistan included low-density oils, tomatoes, iron/steel bars and dairy products.
Iran imported 292 tons of commodities worth $245,628 from Afghanistan, down 52.85% and 71.01% in tonnage and value respectively YOY, which mainly constituted camels and sheep.
Afghanistan was the ninth exporter of goods to Iran among ECO states and 70th exporter to Iran in the world.
Pakistan was Iran’s third major trading partner among the ECO states.
Trade between Iran and Pakistan amounted to 229,735 tons worth $105.36 million, indicating a 10.53% and 22.27% increase in tonnage and value respectively YOY.
Iran’s exports reached 207,579 tons worth $75.87 million, up 9.42% and 13.3% in tonnage and value respectively YOY, while Pakistan’s exports to Iran were at 22,156 tons worth $29.48 million, up by 22.05% and 53.53% in tonnage and value respectively YOY.
Pakistan was Iran’s third export destination as well as the second exporter of goods to Iran among ECO members. The country was Iran’s eighth export destination and 13th exporter to Iran in the world.
Bitumen, low-density oils, liquefied propane and fruit juice were Iran’s main goods exported to Pakistan, while Pakistan exported mainly semi- and wholly-milled rice, cows, sesame seeds, beef and cans.
Uzbekistan was the third biggest exporter to Iran, after Turkey and Pakistan, among ECO countries and 21st in the world, as Iran imported 10,642 tons worth $10.88 million from Uzbekistan during the one-month period, up by 71.53% and 234.09% in tonnage and value respectively YOY.
Iran mainly imported cotton and chemicals.
Highest Growths, Declines in Trade
Trade with Uzbekistan ($22.27 million), Turkey ($464.63 million) and Kyrgyzstan ($3.66 million) saw the highest YOY growths of 194.94%, 77.76% and 34.15% respectively, while trade with Tajikistan ($1.79 million), Kazakhstan ($8.62 million) and Turkmenistan ($11.91 million) witnessed the lowest declines of 63.05%, 56.67% and 44.24% respectively.
Iran’s exports to Uzbekistan ($11.39 million), Pakistan ($75.87 million) and Kyrgyzstan ($1.85 million) saw the highest YOY growths of 165.25%, 13.3% and 8.54% respectively, while trade with Tajikistan ($837,446), Kazakhstan ($5.66 million) and Turkmenistan ($11 million) witnessed the lowest declines of 79.61%, 48.57% and 48.47% respectively.
Imports from Turkmenistan ($915,037), Uzbekistan ($10.88 million) and Turkey ($345.69 million) saw the highest growths of 4,343.44%, 234.09%, 159.84% respectively while imports from Afghanistan ($245,628), Kyrgyzstan ($2.96 million) and Azerbaijan ($912,722) witnessed the biggest declines of 71.01%, 66.68% and 3.04% respectively.