Iran’s non-oil foreign trade stood at $85 billion in the fiscal 2019-20, of which exports accounted for $41.3 billion and imports for $43.7 billion, Mehdi Mirashrafi, the head of Islamic Republic of Iran Customs Administration, said.
Oil and petrochemical products are included in IRICA's "non-oil" export data. In fact, petrochemicals and gas condensates constitute the greater share of total exports.
Noting that Iran traded over 169 million tons of goods last year, the official said exports weighed 133.9 million tons—three times more than imports in terms of weight and about 13.5% more than the previous year’s volume. In terms of value, however, exports show a 7% decline year-on-year.
“Imports reached 35.3 million tons in the fiscal 2019-20, indicating a 9.3% growth year-on-year. A $2.4-billion trade deficit was registered for the country during the period under review. Raw materials, machinery and intermediate goods accounted for 85% of the imports,” he was quoted as saying by Mehr News Agency.
Mirashrafi said petrochemicals made up the lion’s share of exports, which indicate that the country is moving from being dependent on selling unprocessed goods toward exporting petroleum products.
“However, the fact that each ton of Iran’s imports was valued at $1,220 while each ton of exports is worth only $309 indicates that exports of unprocessed goods remain a challenge for Iran’s economy," he said.
“China was Iran’s main export destination, purchasing $9.5 billion worth of non-oil goods from us last year, followed by Iraq with $8.9 billion, Turkey with $5.4 billion, the UAE with $4.5 billion and Afghanistan with $2.3 billion. Our top five partners in exports were Asian countries and mostly our neighbors. Other countries imported $10.9 billion worth of Iran’s non-oil goods last year.”
The IRICA chief said China was also Iran’s top trading partner in imports.
“The Asian country sold $11.2 billion worth of non-oil goods to Iran last year. The UAE with $8.9 billion, Turkey $4.9 billion, India $3.6 billion and Germany with $2.1 billion worth of exports to Iran were Iran’s other key trading partners in imports," he said.
The imports chiefly included material used in the manufacture of livestock feed, essential goods, medical equipment and pharmaceuticals.
Last year’s imports of livestock feed and essential goods were 3 million tons more compared with the year before.
IRICA’s figures show intermediate goods worth $29.7 billion and capital goods worth $5.9 billion were imported into the country last year, while consumer goods constituted 8% of total imports last year.
Essential goods imports have taken center-stage amid unilateral sanctions imposed by the United States. The spread of the new coronavirus has also heightened the need for these goods.
More than 24.31 million tons of essential goods worth $14.99 billion have been imported into the country since the beginning of the last fiscal year (March 21, 2019), the spokesman of the Islamic Republic of Iran Customs Administration said on March 8.
Rouhollah Latifi added that the imports of essential goods saw a 23% and 18.5% growth in tonnage and value respectively compared to the preceding year’s corresponding period, ISNA reported.
Rice accounted for 11% of the imported essential goods, standing at 1.59 million tons worth $1.63 billion to register a 3.3% and 3.44% rise year-on-year.
