EghtesadOnline: The Export Price Index, an indicator measuring the overall change in prices of exported goods and services, (using the year ending March 2012 as a base year), stood at 441.4 in Iran for the first quarter of the current Iranian year (March 21-June 21) in rial terms, registering a 13.6% increase compared with the previous quarter and a 95.1% rise compared with the same quarter of last year.
According to data released by the Statistical Center of Iran, the average EPI during the four quarters ending June 21 witnessed a 78.4% growth year-on-year.
The three-month period also saw EPI stand at 140.2 in dollar terms, registering a 0.1% increase quarter-on-quarter and a rise of 12.7% year-on-year.
The average EPI in dollar terms during the four quarters leading to June 21 witnessed a 19.3% growth YOY, according to Financial Tribune.
This is while Import Price Index in rial terms stood at 2017.3 in Q1, registering a 34.6% increase compared with the preceding quarter and a 183% rise compared with the same quarter of last year.
The average IPI during the four-quarter period leading to June 21 witnessed a 149.7% growth YOY.
IPI is an economic indicator measuring real output in various industries, with industrial production and capacity levels expressed as an index level relative to a base year, which SCI considers to be fiscal 2011-12, standing at 100.
The first quarter saw IPI stand at 343 in dollar terms, registering a 10.5% increase compared with the previous quarter and a rise of 38.8% compared with the same quarter of last year. The average IPI in dollar terms during the four-quarter period leading to June 21 witnessed a 25.1% increase YOY.
Q1 Non-Oil Foreign Trade
Iran recorded a non-oil trade surplus of $1.3 billion for the first three months of the current Iranian year (started March 21).
According to a report by the Persian daily "Iran" based on data provided by Trade Promotion Organization of Iran, the country’s overall non-oil foreign trade during the period stood at $21.7 billion.
Overall, Iran’s exports stood at $11.5 billion to register a 1.2% decrease YOY.
Iran’s imports reached $10.2 billion in Q1, registering a decline of 8.7% compared with the similar period of last year.
Liquefied natural gas ($2.8 billion), liquefied propane ($609 million), light oils ($470 million), gas condensates ($412 million) and methanol ($328 million) were Iran’s main exported commodities.
“There are fewer than 130 in the basket of Iran's exported goods worth over $50 million. Together, they make up $37 billion of Iran’s annual exports,” Mohammad Reza Modoudi, caretaker of TPO, was quoted as saying by IRNA.
“This means that 81% of Iran’s overall exports depend on 130 items.”
Iran’s foreign trade landscape is witnessing changes in export and import destinations these days. Exporters are now shifting to regional markets to bypass US sanctions. In fact, expansion of exports to regional countries is the fruit of the government’s active diplomacy with neighboring countries.
Turkey and Iraq are now overtaking the UAE and Afghanistan as Iran’s major export destinations. China and the UAE, which used to be major exporters to Iran, are being replaced by Turkey and India.
Top export destinations during the three-month period under TPO review were China accounting for 23% of Iran’s total exports, Iraq (21%), Turkey (19%), the UAE (8%) and Afghanistan (5%).
Exports to China stood at $2.64 billion in Q1 to register an 18% growth year-on-year.
Iraq bought $2.38 billion worth of non-oil goods from Iran, indicating a 35% increase compared with the same period of last year.
Exports to Turkey jumped by 430% to reach $2.23 billion in the three-month period.
Iran’s exports to the UAE and Afghanistan declined by 56% and 31% to hit $925 million and $535 million, respectively.
China, the UAE, Turkey, India and Germany were main exporters to Iran in the three months ending June 21.
Imports from China and the UAE were down 19% and 8% in Q1 to reach $2.34 billion and $1.54 billion, respectively.
Turkey and India’s three-month exports to Iran climbed 129% and 131% to hit $1.26 billion and $1.24 billion, respectively.
Iran’s imports from Germany dropped by 10% to reach $514 million. Imports mainly included rice ($704 million), field corn ($583 million), soybean oilcake ($335 million), green beans ($303 million) and butter ($262 million).