Iran traded 36.38 million tons of non-oil commodities worth $18.77 billion with Persian Gulf littoral states, namely Iraq, the UAE, Kuwait, Qatar, Bahrain and Saudi Arabia, in the first 10 months of the current fiscal year (March 21, 2018-Jan. 20) to register a 4.43% growth in tonnage and 1.13% decline in value compared with last year’s corresponding period.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 33 million tons worth $13.24 billion during the period, indicating a 12.42% and 22.74% increase in tonnage and value respectively year-on-year.
Imports stood at 3.38 million tons worth $5.52 billion, down 38.33% and 32.56% in tonnage and value respectively YOY.
Main Commodities, Trading Partners
Iran mainly exported gas condensates, liquefied natural gas, low-density oils, mineral oils and natural gas to the Persian Gulf nations.
In exchange, major commodities imported into Iran from the Persian Gulf states included cellphones, steam turbine parts, boneless frozen cow parts, butter and benzene.
In terms of total trade value, the UAE topped the list of Persian Gulf countries by trading 15.48 million tons worth $10.76 billion with Iran, down by 23.35% and 18.92% in tonnage and value respectively YOY.
Exports to the UAE amounted to 12.17 million tons worth $5.31 billion to register a 17.91% decrease in tonnage and 1.93% growth in value YOY.
The UAE was Iran’s second export destination among the countries under review and third across the world after China and Iraq.
In return, the UAE exported 3.31 million tons of commodities worth $5.45 billion to Iran, down by 38.37% and 32.38% in tonnage and value respectively YOY.
The UAE was the top exporter of goods to Iran among the Persian Gulf countries and second in the world after China.
Major Iranian commodities exported to the UAE were gas condensates, low-density oils, mineral oils and hydrocarbon.
For its part, the UAE mainly exported cellphones, steam turbines’ parts, boneless frozen cow parts and butter to Iran.
Iraq was Iran’s second biggest trading partner among Persian Gulf littoral states during the 10 months, as two-way commercial exchanges stood at 16.81 million tons worth $7.56 billion to register a 52.10% and 43.71% increase in tonnage and value respectively YOY.
Iran exported 16.74 million tons of goods worth $7.51 billion to Iraq, up by 53.02% and 44.75% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination among Persian Gulf nations and second in the world, after China, during the period.
Iran’s exports to Iraq included liquefied natural gas, natural gas, evaporative coolers, housekeeping tools and plastic products.
Iraq imported 62,626 tons of commodities worth $51.32 million from Iraq, down 41.38% and 30.05% in tonnage and value respectively YOY, a majority of which were machinery, low-density oils, cans and aluminum alloy.
Iraq was the second exporter of goods to Iran among the countries under review and 39th exporter to Iran in the world.
Kuwait was Iran’s third major trading partner among the states under review.
The UAE was the biggest exporter to Iran and Iraq was the biggest destination for Iranian non-oil products during the period
Mutual trade between Iran and Kuwait amounted to 2.93 million tons worth $224.98 million, indicating a 35.13% and 0.49% increase in tonnage and value respectively YOY.
Iran’s exports reached 2.92 million tons worth $213,708, up 34.93% and 8.54% in tonnage and value respectively YOY, while Kuwait’s exports to Iran were at 8,819 tons worth $11.27 million, up by 166.47% in tonnage and down 58.21% in value YOY.
Kuwait was Iran’s third export destination as well as the third exporter of goods to Iran among Persian Gulf states. The country was Iran’s 20th export destination and 63rd exporter to Iran worldwide during the 10 months.
Clinker, plant products, Portland cement and iron products were Iran’s main goods exported to Kuwait, while Kuwait exported benzene, rubber, paver and screw air compressor.
Highest Growths, Declines in Trade
Trade with Iraq (at $7.56 billion) and Kuwait (at $224,984 million) saw the highest YOY growths of 43.71% and 0.49% respectively, while trade with Saudi Arabia (at $360,397), the UAE (at $10.76 billion) and Bahrain (at $10.91 million) witnessed the lowest decline of 83.66%, 18.92% and 6.71% respectively.
Iran’s exports to Iraq (at $7.51 billion), Bahrain (at $10.10 million) and Kuwait (at $213.7 million) saw the highest growth of 44.75%, 10.31% and 8.54% respectively, while exports to Saudi Arabia (at $109,063) witnessed a fall of 86.53%.
Imports from all the six Persian Gulf nations witnessed a year-on-year decline. Imports from Saudi Arabia (at $251,334), Bahrain (at $812,013) and Qatar (at $7.22 million) witnessed the highest decline of 82%, 68.04% and 67.04% respectively.
