Iran and Oman traded 2.33 million tons of minerals and mining products worth $796 million in the fiscal 2022-23 (ended March 20), data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) show.
Exports from Iran stood at 1.89 million tons worth $492 million.
Steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports in terms of value with 693,830 tons worth $361.1 million, followed by direct-reduced iron with 250,530 tons worth $48.6 million and iron ore pellet with 247,120 tons worth $29.8 million.
Other exports include cement with 533,610 tons worth $12.5 million, zinc with 2,250 tons worth $7 million, molybdenum with 220 tons worth $5.7 million, different kind of stone with 13,590 tons worth $2.3 million, coal and coke with 5,140 tons worth $1.5 million, ferroalloys with 40 tons worth $600,000, pottery, brick, ceramic and tile with 210 tons worth $400,000, copper and related products with 20 tons worth $110,000 and aluminum products with 30 tons worth $100,000.
Imports reached 440,000 tons worth $304 million and included coal and coke with 404,500 tons worth $206.8 million, ferroalloys with 30,520 tons worth $79.7 million, steel manufacturing chain products with 3,770 tons worth $9.2 million, nickel with 140 tons worth $2.8 million, zinc with 180 tons worth $600,000, cement with 280 tons worth $500,000, titanium with 170 tons worth $500,000, copper and related products with 50 tons worth $500,000, alumina powder with 50 tons worth $300,000 and aluminum products with 40 tons worth $300,000.
Total Trade With Oman at $1.8b in FY 2022-23
According to the Islamic Republic of Iran Customs Administration, Iran’s total exports to Oman stood at 3.34 million tons worth $1.08 billion during the period, registering a 29% and 52% growth in terms of weight and value respectively compared with the year before.
The value of total exports stood at $716.22 million, the news portal of Iran Chamber of Commerce, Industries, Mines and Industries reported.
Total imports amounted to 942,202 tons worth $800.47 million, which stood at $619.42 million in the fiscal 2021-22.
All in all, the value of trade between the two countries in the last fiscal year increased by 41% to $1.88 billion when compared with $1.33 billion in the previous year.
Total Mining Exports at $12.23b in FY 2022-23
Heavyweight Iranian producers of minerals and mining products exported a total of 48.68 million tons worth $12.23 billion in the last Iranian year that ended on March 20 to register a 3.5% rise in tonnage, but a 7.6% fall in value compared with the year before, according to IMIDRO.
Steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports in terms of value with an aggregate of $5.76 billion, followed by copper and related products worth $1.57 billion and aluminum products worth $1.03 billion.
In terms of tonnage, cement and clinker topped the list with 13.32 million tons. Steel came next with 10.99 million tons and was followed by pellet with 5.42 million tons.
Imports related to the mining industry and mineral products stood at 4.48 million tons worth $4.99 billion in the fiscal 2022-23 to register a 3.9% increase in weight and a 27.5% rise in value compared with the fiscal 2021-22.
The steel category also topped the list of imports in terms of value with $1.62 billion, followed by coal and coke worth $788.8 million and ferroalloys worth $615.8 million.
Coke and coal had the highest volume of imports in terms of weight with 1.43 million tons, followed by steel with 1.18 million tons and alumina powder with 432,300 tons.
Oman’s Sultan Haitham bin Tarik recently paid a two-day visit to Iran. He was accompanied by a high-ranking delegation, including Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, Minister of the Diwan of Royal Court Sayyid Khalid bin Hilal Al Busaidi, Minister of the Royal Office Gen. Sultan bin Mohammed Al Nu'amani, Foreign Minister Sayyid Badr bin Hamad Al Busaidi, Minister of Finance Sultan bin Salim Al Habsi, the head of the Private Office Hamad bin Said Al Aufi, Chairman of Oman Investment Authority Abdussalam bin Mohammed Al Murshidi, Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef, Minister of Energy and Minerals Salim bin Nasser Al Aufi, Chief of Staff of the Sultan’s Armed Forces Vice Admiral Abdullah bin Khamis Al Ra’eesi, ambassador at large, Sheikh Abdulaziz bin Abdullah Al Hinai and Oman’s Ambassador to Iran Ibrahim bin Ahmed Al Mu'aini.
The two sides signed two memoranda of understanding and two cooperation agreements in Tehran to enhance development and investments between the two countries, Oman News Agency reported.
The two MoUs deal with promoting investments, exchanging investment opportunities, boosting development and investments in economic zones and free zones. The two agreements deal with exchanging oil information and the joint study on the Hengam-Bakha field project.
Upon his conclusion of visit, the Sultan of Oman lauded the fruitful outcome of the visit, session of talks and meetings.
These, he noted, will have a positive impact on enhancing the deep-rooted ties of friendship between the two countries to serve the joint interests of the Omani and Iranian peoples.
