$295m in Iran's Non-Oil Trade Surplus With Arab League
EghtesadOnline: Iran traded 2.16 million tons of non-oil commodities worth $1.01 billion with Arab League member states during the first Iranian month (March 21-April 20) to register a 28.46% and 27.65% decline 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 1.98 million tons worth $652.74 million during the month, indicating a 30.59% and 39.04% decrease in tonnage and value respectively year-on-year.
Imports stood at 175,267 tons worth $357.46 million, up 9.64% and 9.85% in tonnage and value respectively YOY.
As a result, Iran recorded a non-oil trade surplus worth $295.28 million with the Arab League, Financial Tribune reported.
The Arab League is a regional organization of Arab states in and around North Africa, the Horn of Africa and Arabia. 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 league has 22 members, but Syria's participation has been suspended since November 2011, as a consequence of government repression during the Syrian Civil War.
Main Commodities, Trading Partners
Iran mainly exported low-density oils, tomatoes, mineral oils, bitumen, watermelon and hydrocarbon gases to the Arab League.
In exchange, major commodities imported into Iran from the Arab states included graphite electrodes, butter, coal, machinery and steam turbine parts.
In terms of total trade value, the UAE topped the Arab League list with Iran trade reaching 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 in the whole world.
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 top exporter of goods to Iran among the states and third in the world after China and Turkey.
Major Iranian commodities exported to UAE were low-density oils, mineral oils and bitumen.
For its part, the UAE mainly exported graphite electrodes, butter, coal and machinery to Iran.
Iraq was Iran’s second biggest trading partner in Arab League during the period under review, as two-way commercial exchanges stood at 944,845 tons worth $394.23 million to register a 2.8% decline in tonnage and 0.07% growth in value YOY.
Iran exported 939,576 tons of goods worth $388.54 million to Iraq, down by 3.14% and 1.08% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination in Arab League and second in the world after China, during the month.
Iran’s exports to Iraq included tomatoes, watermelon, low-density oils, mineral oils and cheese.
Iran imported 5,269 tons of commodities worth $5.69 million from Iraq, up 150.9% and 378.44% in tonnage and value respectively YOY, a majority of which were chemicals, aluminum alloy, kraft paper and computer networking devices.
Iraq was the third exporter of goods to Iran in Arab League and 28th exporter to Iran in the world.
Oman was Iran’s third major trading partner in Arab League.
Mutual trade between Iran and Oman amounted to 76,232 tons worth $19.37 million, indicating a 57.3% and 63.85% decrease in tonnage and value respectively YOY.
Iran’s exports reached 73,938 tons worth $10.42 million, down 57.06% and 77.79% in tonnage and value respectively YOY, while Oman’s exports to Iran were at 2,294 tons worth $8.94 million, down by 63.81% in tonnage and up by 34.6% in value YOY.
Oman was Iran’s third export destination and the second exporter of goods to Iran in Arab League. The country was Iran’s 19th export destination and 23rd exporter to Iran in the world.
Hydrocarbon gases, bitumen, clinker, coke, floorings, iron products and float glass were Iran’s main goods exported to Oman, while Oman exported mainly pharmaceuticals, ferromanganese and sesame seed to Iran.
Highest Growths, Declines in Trade
Trade with Algeria ($348,161), Jordan ($3.13 million) and Libya ($129,600) saw the highest rises of 93.72%, 44.57% and 35% respectively YOY while trade with Egypt ($165,633), Sudan ($1.13 million) and Tunisia ($197,627) witnessed the lowest declines of 99.29%, 86.4% and 70.16% respectively.
Iran’s exports to Algeria ($348,161), Libya ($129,600) and Djibouti ($1.63 million) saw the highest growths of 93.72%, 35% and 25.97% respectively YOY while exports to Egypt ($126,946), Sudan ($1.11 million) and Tunisia ($96,000) witnessed the lowest declines of 99.45%, 84.84% and 83.65% respectively.
Imports from Kuwait ($755,502), Iraq ($5.69 million) and Jordan ($2.84 million) increased by 439.14%, 378.44% and 252.5% respectively YOY while imports from Sudan ($15,469), Egypt ($38,687) and the UAE ($337.82 million) witnessed the highest declines of 98.38%, 41.26% and 7.41% respectively YOY.