EghtesadOnline: Iran traded 46.39 million tons of non-oil commodities worth $23.75 billion with member states of Arab League during the last fiscal year (ended March 20, 2019) to register a 1% and 6.73% decline in tonnage and value respectively compared to the year before.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 42.08 million tons worth $16.64 billion during the year, indicating a 6.5% and 11.2% increase in tonnage and value respectively year-on-year.
Imports stood at 4.31 million tons worth $7.11 billion, down 41.31% and 32.27% in tonnage and value respectively YOY.
As a result, Iran recorded $9.53 billion in non-oil trade surplus with the Arab League, according to Financial Tribune.
The Arab League is a regional organization of Arab states in and around North Africa and the Horn of Africa. It was formed in Cairo on 22 March 1945 with six members: Egypt, Iraq, Transjordan (renamed Jordan in 1949), Lebanon, Saudi Arabia and Syria. Yemen joined as a member on 5 May 1945.
Currently, the main goal of the league, which has 22 members, is to "draw closer the relations between member states and coordinate collaboration between them to safeguard their independence and sovereignty, and to consider in a general way the affairs and interests of the Arab countries".
Main Commodities, Trading Partners
Iran mainly exported gas condensates, liquefied natural gas, low-density oils, mineral oils, hydrocarbon gases and non-alloy semi-finished iron/steel products to the Arab League.
In exchange, major commodities imported into Iran from the Arab League included steam turbine parts, cellphones, butter, turbojet parts and frozen boneless cow parts.
In terms of total trade value, the UAE topped the list among Arab League states with Iran trade standing at 17.57 million tons worth $12.52 billion, down by 30.07% and 25.6% in tonnage and value respectively YOY.
Exports to the UAE amounted to 13.75 million tons worth $5.95 billion to register a 24.53% and 12.06% decline in tonnage and value respectively YOY.
The UAE was Iran’s second biggest export destination among the countries under review and third in the whole world.
In return, the UAE exported 3.82 million tons of commodities worth $6.56 billion to Iran, down by 44.68% and 34.71% in tonnage and value respectively YOY.
The UAE was the top exporter of goods to Iran among the states and second in the world after China.
Major Iranian commodities exported to the UAE were gas condensates, low-density oils and mineral oils.
For its part, the UAE mainly exported steam turbine parts, cellphones, butter and turbojet parts to Iran.
Iraq was Iran’s second biggest trading partner in the Arab League during the period, as two-way commercial exchanges stood at 19.84 million tons worth $9.01 billion to register a 48.25% and 35.75% growth in tonnage and value respectively YOY.
Iran exported 19.76 million tons of goods worth $8.96 billion to Iraq, up by 49.15% and 36.71% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination in the league and second in the world, after China, during the 12-month period.
Iran’s exports to Iraq included liquefied natural gas, mineral oils, household cleaning detergents, low-density oils and tomatoes.
Iran imported 73,563 tons of commodities worth $58.69 million from Iraq, down 43.14% and 34.61% in tonnage and value respectively YOY, a majority of which were low-density oil, machinery, aluminum alloy and cans.
Iraq was the third exporter of goods to Iran among the neighbors and 41st exporter to Iran in the world.
Oman was Iran’s third major trading partner in the league.
Mutual trade between Iran and Oman amounted to 2.47 million tons worth $1.16 billion, indicating a 14.15% and 51.16% increase in tonnage and in value respectively YOY.
Iran’s exports reached 2.08 tons worth $728.56 million, up 9.33% and 32.07% in tonnage and value respectively YOY, while Oman’s exports to Iran were at 358,286 tons worth $432.82 million, up by 50.01% and 99.75% in tonnage and value respectively YOY.
Oman was Iran’s third export destination and the second exporter of goods to Iran in the league. The country was Iran’s 10th export destination and 16th exporter to Iran in the world.
Hydrocarbon gases, low-density oils, non-alloy iron and steel ingots and non-alloy semi-finished iron/steel products were Iran’s main goods exported to Oman, while Oman exported mainly vehicles, pharmaceuticals, field corn, ferromanganese, lentil, pod vegetables and barley to Iran.
Highest Growths, Declines in Trade
Trade with Algeria ($29.19 million), Morocco ($34.17 million), Oman ($1.16 billion) saw the highest rise of 310.64%, 82.19% and 51.16% respectively YOY while trade with Yemen ($1 million), Saudi Arabia ($360,397) and Mauritania ($194,824) witnessed the lowest declines of 88.07%, 83.66% and 82.6% respectively.
Iran’s exports to Algeria ($29.19 million), Morocco ($33.12 million) and Tunisia ($23.75 million) saw the highest increase of 310.65%, 90.72% and 82.05% respectively YOY while exports to Yemen ($1 million), Saudi Arabia ($109,063) and Mauritania ($194,824) witnessed the lowest declines of 88.08%, 86.53% and 82.6% respectively.
Imports from Oman ($432.82 million) registered a growth of 99.75% YOY while imports from Bahrain ($853,991), Saudi Arabia ($251,334) and Lebanon ($12.56 million) witnessed the highest declines of 84.56%, 82% and 67.25% respectively YOY.