Domestic Economy

Exports Rise 7%, Imports Decline 16%

Exports Rise 7%,  Imports Decline 16%Exports Rise 7%,  Imports Decline 16%

The value of exports (excluding crude oil and gas condensates) rose 7% in the first five months of 2015 compared with the similar period in 2014, while imports declined by 19% in terms of value, according to the Islamic Republic of Iran Customs Administration.

The figures indicate a narrowing down of trade deficit to $4.97 billion compared to $10.43 billion during the same period last year.

Iran exported $14.76 billion worth of goods during the five-month period ending on May 31, while imports stood at $19.74 billion.

Meanwhile, even as exports grew 7% in terms of value, the total weight of exported commodities dropped by 12% compared to last year, indicating a shift in the country's exports toward higher value commodities. Also, imports dropped 9% in terms of weight compared with the previous year, as reported by Persian newspaper Donya-e-Eghtesad citing the IRICA.

Out of the 165 countries listed in the IRICA's report, Iran registered positive balance of trade with 85 countries. Iraq was the most favorable market for Iranian products, accounting for 46.3% of Iran's positive trade balance. The highest trade deficit was recorded with the United Arab Emirates as the country accounted for 23.9% of Iran's negative trade balance during the period.

> Top Export-Import Commodities

Major export commodities during the period included liquefied petroleum gases (5.69%), bitumen (4.14%) and polyethylene grade film of below 94% density (3.98%).

The main goods imported during the period included corn for cattle feed (3.46%), motor vehicles with engine capacity of 1500-2500cc excluding ambulances and hybrid vehicles (3.37%) and wheat (2.72%).

> Sources, Destinations

China, Iraq, the UAE, India and Turkey were the biggest buyers of Iranian goods during the period, together accounting for 69.1% of total exports.

China was the top export destination with 23% share of export value, down 13% compared with the similar period in 2014. Iraq was the second biggest destination accounting for 17.27% of export value, just like a year ago. The UAE, India and Turkey were other major export destinations, accounting for 13.8%, 8.34% and 6.68% of export value respectively. Total exports to the three countries increased by 31%, 55% and 26% respectively in terms of value compared to the similar period in 2014.

Meanwhile, China, the UAE, South Korea, Turkey and India led the list of exporters to Iran, together accounting for 71.59% of imports.

China was the biggest exporter, accounting for 25.24% of the imports. The value of imports from China dropped 1% compared to the corresponding period last year. The UAE was the second major exporter, representing 23% of Iran's imports during the period, down 31% compared with last year. South Korea (9.42%), Turkey (7.51%) and India (6.42%) were the other major exporters. While the value of imports from South Korea rose by 10% compared with the similar period in 2014, imports from Turkey and India declined by 8% and 37% respectively.