Iran’s foreign trade, excluding crude oil exports, hit 41.52 million tons worth $29.55 billion in the fourth quarter of last fiscal year (Dec. 22, 2021-March 20), registering a 14% and 37% year-on-year growth in weight and value respectively, according to the spokesman of the Islamic Republic of Iran Customs Administration.
On a quarter-on-quarter basis, the figures show a 4% decline in weight and a 9% rise in terms of value, IRNA also quoted Rouhollah Latifi as saying.
Q4 (winter) exports stood at 30.44 million tons worth $13.48 billion, registering a 10% and 39% year-on-year growth in weight and value, but a 5% decline in weight and a 1% growth in value compared to Q3 (autumn).
Imports stood at 11.08 million tons worth $16.07 billion, registering a 29% and 35% YOY growth; and 1% and 16% QOQ increase in weight and value respectively.
Annual Trade in Review
The IRICA spokesman noted that Iran’s total exports (excluding crude oil) in the fiscal 2021-22 hit 122.76 million tons worth $48.62 billion, registering a 9% and 40% growth in weight and value respectively.
Imports stood at 41.2 million tons worth 53.01 billion, registering a 22% and 36% growth in weight and value respectively.
The UAE, China, Turkey, Germany and Russia were the main exporters, according to the head of IRICA, Alireza Moqaddesi.
“The imports mainly included essential goods, raw materials and production line machinery.”
Also known as necessity or basic goods, essential goods are products consumers will buy, regardless of changes in income levels.
Iran’s basic imports in the fiscal 2021-22 included corn, unrefined vegetable oil, pharmaceuticals and medical equipment, wheat, oilseeds, soymeal, barley, rice, sugar, heavy vehicle tires, fertilizer, pesticide and insecticide, veterinarian medicine, red meat, chicken, eggs, pulses and tea.
The import of essential goods is entitled to subsidized foreign currency gained from oil exports.
Monthly Record
Latifi earlier announced that Iran’s monthly foreign trade registered a record in the month ending March 20.
Commercial exchanges, excluding crude oil exports, were close to 14.54 million tons worth $11.53 billion during the month, registering a 17% rise in value compared with the month before and a 40% increase compared with the similar period of the year before.
Latifi noted that the monthly trade volume is a record high over the past four years since economic sanctions were tightened against Iran.
“During the month under review, we exported a total of 10.11 million tons of commodities worth $5.1 billion, registering a 2% decline in weight but a 37% growth in value compared with the corresponding period of last year,” he added.
Iran’s top export destinations during the month, said the official, were China with 3.35 million tons worth $1.69 billion (up 76% in value YOY), the UAE with 923,000 tons worth $699 million (up 53% in value YOY), Iraq with 1.86 million tons worth $694 million (up 22% in value YOY), Turkey with 434,000 tons worth $480 million (up 61% in value YOY) and Afghanistan with 342,000 tons worth $184 million (down 11% in value YOY).
“Imports during the same period stood at 4.42 million tons worth $6.43 million, registering a 24% and 26% increase in volume and value respectively compared with the previous month and a 52% and 42% growth in weight and value respectively compared with the corresponding period of the year before,” he said.
The top five exporters to Iran were the UAE with 1.26 million tons worth $1.97 billion (up 78% YOY in value), China with $468,000 tons worth nearly $1.54 billion (up 58% YOY in value), Turkey with $254,00 tons worth $596 million (up 7% in value YOY), Germany with 161,000 tons worth $282 million (up 58% YOY in value) and Russia with 515,000 tons worth $214 million (up 84% in value YOY).
“More than 1.17 million tons of goods were transited through Iran during the period, indicating a 9% rise compared with the previous month and a 52% growth YOY. This figure too, is a new monthly record high,” the IRICA spokesman said.
