EghtesadOnline: Iran traded 59.69 million tons of non-oil commodities worth $32.21 billion with the Emerging 7 during the last fiscal year (ended March 20, 2019) to register a 17.85% and 13.18% 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 49.94 million tons worth $14.71 billion during the fiscal 2018-19, indicating a 19.42% and 11.94% decrease in tonnage and value respectively year-on-year.
Imports stood at 9.74 million tons worth $17.49 billion, down 8.74% and 14.2% in tonnage and value respectively YOY.
As a result, Iran recorded $2.77 billion in non-oil trade deficit with E7 countries, according to Financial Tribune.
The E7 (short for "Emerging 7") refers to China, India, Brazil, Mexico, Russia, India and Turkey, grouped together because of their major emerging economies. The term was coined by economists John Hawksworth and Gordon Cookson at PricewaterhouseCoopers in 2006.
Main Commodities, Trading Partners
Iran mainly exported liquefied propane, methanol, film grade polyethylene, liquefied natural gas, ethylene glycol, liquefied butane, urea and gas condensates to E7 states.
In exchange, major commodities imported into Iran from E7 nations included rice, auto parts, graphite electrodes used in furnaces, nuclear reactor parts, frozen boneless cow parts and field corn.
In terms of total trade value, China topped the list among E7 member states with Iran trade standing at 35.6 million tons worth $19.53 billion, down by 10.86% and 12.21% in tonnage and value respectively YOY.
Exports to China amounted to 32.16 million tons worth $9.21 billion to register an 8.43% decline in tonnage and a 2.28% growth in value YOY.
China was Iran’s top export destination among the countries under review as well as in the world during the year.
In return, China exported 3.43 million tons of commodities worth $10.31 billion to Iran, down by 28.56% and 22.07% in tonnage and value respectively YOY.
China was the top exporter of goods to Iran both among E7 members and also in the world.
Major Iranian commodities exported to China were liquefied propane, film grade polyethylene and methanol.
In exchange, China mainly exported auto parts, graphite electrodes used in furnaces, machinery and LCD/LED screen modules to Iran.
Turkey was Iran’s second biggest trading partner among E7 nations during the period, as two-way commercial exchanges stood at 8.15 million tons worth $4.98 billion, down by 49.54% and 30.61% in tonnage and value respectively YOY.
Iran exported 6.76 million tons worth $2.36 billion to register a 52.72% and 40.22% decrease in tonnage and value respectively YOY.
Turkey was Iran’s second export destination among E7 countries and sixth in the world during the year.
Iran’s exports to Turkey included liquefied natural gas, non-alloy zinc, aluminum, urea and bitumen.
Turkey imported 1.39 million tons of commodities worth $2.61 million to Iran, down by 24.96% and 18.79% in tonnage and value respectively YOY, which mainly constituted cooking bananas, tobacco and fibers.
Turkey was the second exporter of goods to Iran among the E7 and third exporter to Iran in the world.
India was Iran’s third major trading partner among the states under review.
Trade between Iran and India amounted to 10.37 million tons worth $4.63 billion to register a 10.78% and 7.14% decrease in tonnage and value respectively YOY.
Iran’s exports reached 8.36 million tons of goods worth $2.04 billion to India, down 14.95% and 25.34% in tonnage and value respectively YOY, while India’s exports to Iran amounted to 2.01 million tons of commodities worth $2.59 billion, up by 12.04% and 14.91% in tonnage and value respectively YOY.
India was Iran’s third export destination as well as the third exporter of goods to Iran among E7 states. The country was Iran’s seventh export destination and fourth exporter to Iran in the world.
Methanol, urea and bitumen were Iran’s main exports to India, while India exported rice, tea, graphite electrodes used in furnaces and oilcake to Iran.
Highest Growths, Declines in Trade
Trade with Russia ($1.62 billion) and Indonesia ($917.86 million) witnessed a growth of 59.13% and 0.52% respectively YOY, while trade with Mexico ($5.86 million), Turkey ($4.98 billion) and Brazil ($506.62 million) witnessed the lowest declines of 83.84%, 30.61% and 27.97% respectively.
Iran’s exports to Indonesia ($786.86 million) and China ($9.21 billion) saw a growth of 21.27% and 2.28% respectively YOY, while exports to Mexico ($4.72 million), Turkey ($2.36 million) and Brazil ($17.3 million) witnessed the lowest declines of 86.35%, 40.22% and 39.45% respectively.
Imports from Russia ($1.34 billion) and India ($2.59 billion) witnessed the highest growths of 84.52% and 14.91% YOY respectively, while imports from Indonesia ($131 million), Mexico ($1.33 million) and Brazil ($489.31 million) witnessed the highest declines of 50.43%, 30.67% and 27.49% respectively YOY.