Iran's Non-Oil Trade Surplus With OIC Hits $360m
EghtesadOnline: Iran traded 3.81 million tons of non-oil commodities worth $1.89 billion with the Organization of Islamic Cooperation’s member states during the first Iranian month (March 21-April 20) to register a 17.72% and 11.4% decline in tonnage and value respectively compared to the previous year.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 3.34 million tons worth $1.12 billion during the month, indicating a 22.55% and 30.57% decline in tonnage and value year-on-year.
Imports stood at 467,908 tons worth $766.05 million, up 48.69% and 49.02% in tonnage and value respectively YOY.
As a result, Iran recorded a non-oil trade surplus worth $360 million with OIC member states, Financial Tribune reported.
The Organization of Islamic Cooperation is an international organization founded in 1969, consisting of 57 member states, including Iran, with 47 countries being Muslim-majority countries. Some, especially in West Africa, though they have large Muslim populations, do not have a Muslim majority.
The organization states that it is the collective voice of the Muslim world and works to safeguard and protect their interests in the spirit of promoting international peace and harmony. The collective population of OIC member states was over 1.9 billion in 2018.
Syria was suspended from the organization in August 2012, therefore it was not included in this report.
Main Commodities, Trading Partners
Iran mainly exported low-density oils, non-alloy semi-finished iron/steel products, bitumen, tomatoes, mineral oils, urea and watermelon to OIC member states.
In exchange, major commodities imported into Iran from OIC nations included butter, machinery parts, field corn, semi- and wholly-milled rice, graphite electrodes used in furnaces, frozen boneless cow parts, cooking bananas and cotton.
In terms of total trade value, the UAE topped the list among OIC 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 the 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.
The UAE was Iran’s second biggest export destination among the countries under review and fourth in the whole world.
In return, the 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.
The UAE was the second exporter of goods to Iran among the states and third in the world after China and Iraq.
Major Iranian commodities exported to UAE were low-density oils, mineral oils and bitumen.
In return, the UAE mainly exported graphite electrodes used in furnaces, butter, coal and machinery to Iran.
Turkey was Iran’s second biggest trading partner among OIC nations 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 export destination among OIC countries and sixth in the world during the month.
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 consisted of 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 after China.
Iraq was Iran’s third major trading partner among OIC states.
Mutual 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 to Iraq reached 939,576 tons worth $388.54 million, down 3.14% and 1.08% in tonnage and value respectively YOY, while Iraqi exports in return reached 5,269 tons worth $5.69 million, up by 150.9% and 378.44% in tonnage and value respectively YOY.
Turkey was Iran’s top export destination and 28th exporter of goods to Iran among the countries under review. The country was Iran’s second export destination and 28th exporter to Iran in the world.
Tomatoes, watermelon, low-density oils, mineral oils and cheese were Iran’s main commodities exported to Iraq, while Iraq mainly exported chemicals, aluminum alloy, Kraft paper and computer networking devices.
Afghanistan was Iran’s third biggest export destination, after Iraq and the UAE, among OIC states and fifth in the world, as Iran exported 421,049 tons worth $140.17 million to Afghanistan during the period, down by 7.42% and 18.23% in tonnage and value respectively YOY.
Iran mainly exported low-density oils, hydrocarbons and tomatoes to Afghanistan.
Pakistan was the third major exporter of goods to Iran among OIC members, after Turkey and the UAE, during the month as Iran imported 22,156 tons of commodities worth $29.48 million from Pakistan, indicating a 22.05% and 53.53% growth in tonnage and value respectively YOY.
Iran mainly imported semi- and wholly-milled rice, cow, sesame seeds, beef and cans from Pakistan.
Pakistan was the 13th exporter of goods to Iran in the world during the period.
Highest Growths, Declines in Trade
Trade with Nigeria ($92,668), Uzbekistan ($22.27 million) and Algeria ($348,161) saw the highest YOY growths of 3,937.82%, 194.94% and 93.72% respectively, while trade with Egypt ($165,633), Albania ($95,634) and Sudan ($1.13 million) witnessed the lowest declines of 99.29%, 94.69% and 86.4% respectively.
Iran’s exports to Nigeria ($92,668), Uzbekistan ($11.39 million) and Algeria ($348,161) experienced the highest growths of 3,937%, 165.25%, 93.72% respectively, while exports to Egypt ($126,946), Albania ($95,634) and Sudan ($1.11 million) witnessed the highest declines of 99.45%, 94.69% and 84.84% respectively.
Imports from Turkmenistan ($915,037), Kuwait ($755,502) and Iraq ($5.69 million) saw the highest growths of 4,343%, 439.14%, 378.44% respectively while imports from Sudan ($15,469), Indonesia ($1.94 million) and Afghanistan ($245,628) witnessed the highest declines of 98.38%, 78.08% and 71.01% respectively.