Iran imported 26.7 million tons of intermediate goods worth $27.4 billion in the last Iranian year that ended on March 20, 2019, according to the latest report of the Islamic Republic of Iran Customs Administration.
Intermediate goods accounted for 83.3% and 64.3% of all Iranian imports during the same year in terms of weight and value respectively.
Intermediate goods constituted 77% of all imports in terms of tonnage and 60% in terms of value during the Iranian year that ended in March 2018.
Each ton of intermediate goods was valued at $1,026 last year, indicating a year-on-year decline of 16.61% in terms of weight.
An intermediate good is utilized to produce a final or finished product. These goods are sold between industries for resale, or for the production of other goods. Examples include steel, wood, glass, gold and silver.
Meanwhile, consumer goods accounted for 15% of overall imports in terms of weight last year compared with 21% of imports in the year before. Consumer goods accounted for 20.18% of last year’s imports in terms of value.
Each ton of consumer goods was valued at $1,781 last year, indicating a year-on-year decline of 33.03% in terms of weight.
Consumer goods are purchased for consumption. Alternatily called final goods, consumer goods are the end result of production and manufacturing, and are what a consumer will see on the store shelf. Clothing, food and jewelry are all examples of consumer goods.
The report, published on IRICA’s website, also shows that in the last Iranian year, capital goods accounted for 1.6% of total imports in terms of tonnage and 15.52% in terms of value.
Consumer goods accounted for 15% of overall imports in terms of weight and 20.18% in terms of value, while capital goods accounted for 1.6% of total imports in terms of tonnage and 15.52% in terms of value
Capital goods are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services to produce consumer goods and goods for other businesses.
Each ton of capital goods was valued at $12,899 last year, indicating a year-on-year decline of 24.52% in terms of weight.
According to IRICA, a total of 32.04 million tons of non-oil goods worth $42.61 billion were imported into Iran in the fiscal 2018-19, down 17.5% in weight. Imports saw a decline of 22% in value over last year’s similar period.
Major exporters to Iran last year were China, the UAE, Turkey, India and Germany.
Imports from China dropped by more than 28.5% in weight and 22% in value year-on-year.
Imports from the UAE decreased 45% in weight and 35% in value.
Turkey’s exports to Iran fell 25% in tonnage and 19% in value.
Last year, imports from India grew close to 15% in value and 12% in weight compared with the year before.
Germany’s exports to Iran fell 35.5% in weight and 20% in value.
The average price of each ton of imported commodities hovered around $1,330, down 5% compared with last year’s same period.
“Last year’s decline in imports is mostly because of restrictions imposed on the import of consumer goods,” IRICA’s top official said, adding that intermediate and capital goods accounted for 85% of imports last year.
Last June, the government banned the import of 1,339 commodities categorized as “non-essential goods with domestic counterparts” to economize on country’s foreign currency.
Iran’s imports over the 12-month period mainly included field corn worth $2.09 billion (accounting for 5% of total imports), rice worth $1.6 billion (4% of total imports), auto parts, except tires, worth $1.38 billion (3% of total imports), soybeans worth $1.16 billion (3% of imports) and press cake worth $651 million (1.5% of imports).
