A total of 35.5 million tons of goods worth $12.5 billion, excluding crude oil, were exported from Iran during the first quarter (spring) of the current Iranian year (March 21-June 21), registering a 24.42% rise in terms of weight, but an 8.84% fall in terms of value compared with the same period of last year, according to the statistics released by the Islamic Republic of Iran Customs Administration.
China with $3.5 billion, Iraq with $2.3 billion, Turkey with $1.7 billion, the UAE with $1.3 billion and India with $489 million were the top five export destinations, ILNA reported.
The report attributes the fall in export value to a decline in global commodity prices, particularly those of petrochemical products whose exports saw a 16% increase in tonnage but an 18% drop in value.
Imports stood at 8.6 million tons worth $14 billion during the same period, registering a 1% and 5.79% fall in weight and value respectively.
The main imported products during the period were field corn, GM soybeans, sunflower oil, rice, wheat and barley, together accounting for 56.15% and 19.79% of the total weight and value of the total imports respectively.
The UAE with $4.1 billion, China with $4 billion, Turkey with $1.5 billion, Germany with $548 million and India with $501 million were the main exporters to Iran during the period.
The report added that 3.5 million tons of foreign goods were transited through Iran during the period, registering a 7.86% year-on-year rise.
According to IRICA Chairman Mohammad Rezvanifar, customs revenues increased by 261% in the spring (compared with the same period of last year) to reach 366,811 billion rials ($733 million).
Fiscal 2022-23 in Review
Iran traded around 159.23 million tons of goods worth $112.82 billion (excluding crude oil exports) in the fiscal 2022-23 (ended March 20), according to Rouhollah Latifi, the spokesman of the Iranian House of Industry, Mine and Trade’s Trade Development Commission.
He noted that trade value increased by $11.38 billion compared with that of the previous year.
Iran’s exports, excluding crude oil, reached 122.56 million tons worth $53.16 billion during the period, registering a 10% rise in terms of value.
“This is a record as the highest export value was previously registered in the fiscal 2014-15 with $50.56 billion,” he was quoted as saying by IRNA.
China with $14.58 billion was Iran’s main export destination during the period (unchanged), followed by Iraq with $10.23 billion (up 15%), Turkey with $7.45 billion (up 23%), the UAE with $5.76 billion (up 28%) and India with $2.14 billion (up 18%).
Imports stood at 37.18 million worth $59.65 billion, registering a 10% decline in terms of weight, but a 13% rise in value.
The UAE with $18.39 billion (up 11%) was the main exporter to Iran during the period. China with $15.74 billion (up 24%), Turkey with $6.09 billion (up 15%), India with $2.01 billion (up 80%) and Germany with $2.01 billion (up 5%) came next.
Latifi noted that 12.91 million tons of foreign goods were transited from Iran in the year under review to register a 2.2% rise.
“The highest volume of transit was registered in the fiscal 2014-15 with 13.2 million tons,” he said.
Neighbors Account for Half of Iran’s Trade
Iran traded 96.76 million tons of goods worth $58.84 billion, excluding crude oil exports, with its 15 neighboring countries sharing land or sea borders in the last Iranian year that ended on March 21, accounting for over 60% of tonnage and 52% of value of the country’s total foreign trade, according to IRICA.
The trade figures registered a 3.35% decrease in terms of weight, but a 13.45% rise in value compared to the year before.
Iran’s exports to its neighbors stood at 75.18 million tons worth $30.53 billion, unchanged in terms of weight, but a rise of 17.36% in value year-on-year.
Imports stood at 21.58 million tons worth $28.3 billion to register a 12.56% decline in weight, but a 9.51% growth in value.
The above figures on exports and imports show Iran registered a trade surplus of $2.23 billion with its neighbors during the period.
Need to Diversify Trade Partners
According to Majid Reza Hariri, chairman of the Iran-China Chamber of Commerce, the bulk of Iran’s foreign trade is with a handful of countries.
“A limited number of trading partners is not a good idea for a country whose export destinations are limited. Each of these countries could become a risk if and when they get a bigger share of Iran’s trade and dominate,” he told the Persian daily Ta’adol.
“We are likely to get into trouble for whatever reason, such as political issues, with these countries, each of which account for more than 15% of our trade. Market diversity is a must for import and export. Now that Iran is under sanctions and cannot forge ties with Europe and the US, we need to concentrate on other markets, namely Southeast Asia, South Asia, Central Asia, Africa and Latin America.”
