Iran recorded a non-oil trade surplus of $8.75 billion with Persian Gulf littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia, in the last fiscal year (ended March 20, 2019).
Latest data released by the Islamic Republic of Iran Customs Administration show Iran traded 42.55 million tons of non-oil commodities worth $22.05 billion with Persian Gulf states during the year to register a 1.37% and 8.26% decline in tonnage and value respectively compared with last year’s corresponding period.
Iran’s exports totaled 38.64 million tons worth $15.4 billion during the period under review, indicating a 0.07% and 0.11% increase in tonnage and value respectively year-on-year.
Imports stood at 3.91 million tons worth $6.64 billion, down 0.45% and 0.35% in tonnage and value respectively YOY.
Main Commodities, Trading Partners
Iran mainly exported gas condensates, liquefied natural gas, low-density oils and mineral oils to Persian Gulf states.
In exchange, major commodities imported into Iran from the Persian Gulf states included steam turbine parts, cellphones, butter and turbojet parts.
In terms of total trade value, the UAE topped the Persian Gulf countries with bilateral trade standing at 17.57 million tons worth $12.52 billion, down by 30.07% and 25.6% in tonnage and value respectively YOY.
Exports to the UAE amounted to 13.75 million tons worth $5.95 billion to register a 24.53% and 12.06% decline in tonnage and value respectively YOY.
The UAE was Iran’s second biggest export destination among the countries under review and third worldwide, after China and Iraq.
In return, the UAE exported 3.82 million tons of commodities worth $6.56 billion to Iran, down by 44.68% and 34.71% in tonnage and value respectively YOY.
The UAE was the top exporter of goods to Iran among the states and second in the world after China.
Major Iranian commodities exported to the UAE were gas condensates, low-density oils and mineral oils.
For its part, the UAE mainly exported steam turbine parts, cellphones, butter and turbojet parts to Iran.
Iraq was Iran’s second biggest trading partner among Persian Gulf states during the period as two-way commercial exchanges stood at 19.84 million tons worth $9.01 billion to register a 48.25% and 35.75% growth in tonnage and value respectively YOY.
Iran exported 19.76 million tons of goods worth $8.96 billion to Iraq, up by 49.15% and 36.71% in tonnage and value respectively YOY.
Iraq was Iran’s top export destination among the six countries under review and second worldwide, after China, during the 12-month period.
Iran’s exports to Iraq included liquefied natural gas, mineral oils, household cleaning detergents, low-density oils and tomatoes.
Iran imported 73,563 tons of commodities worth $58.69 million from Iraq, down 43.14% and 34.61% in tonnage and value respectively YOY, which were mainly low-density oil, machinery, aluminum alloy and cans.
Iraq was the second exporter of goods to Iran among the Persian Gulf littoral states and the 41st exporter to Iran in the world.
Kuwait was Iran’s third major trading partner among the states under review.
Trade between Iran and Kuwait amounted to 3.74 million tons worth $265.29 million, indicating a 26.68% growth in tonnage and a 5.08% decrease in value YOY.
Iran’s exports reached 3.73 million tons worth $253.12 million, up 26.51% and 0.44% in tonnage and value respectively YOY, while Kuwait’s exports to Iran were at 9,428 tons worth $12.16 million, up by 178.04% in tonnage and down 55.73% 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 18th export destination and 67th exporter to Iran in the world during the 12 months.
Clinker, plant products, Portland cement and sponge iron products were Iran’s main goods exported to Kuwait, while Kuwait exported benzene, natural rubber, vehicles and screw air compressor.
Highest Growths, Declines in Trade
Trade with Iraq (at $9.01 billion) saw the highest YOY growth of 35.75%, while trade with Saudi Arabia ($360,397), Bahrain ($12.66 million) and the UAE ($12.52 billion) witnessed the lowest declines of 83.66%, 26.45% and 25.6% respectively.
Iran’s exports to Iraq (at $8.96 billion), Bahrain ($11.8 million) and Kuwait ($253.12 million) saw the highest growths of 36.71%, 1.05% and 0.44% respectively, while exports to the UAE (at $5.95 billion), Qatar ($225.25 million) and Saudi Arabia ($109,063) witnessed the highest declines of 12.06%, 6.73% and 0.87% respectively.
Imports from all the six Persian Gulf states witnessed a year-on-year decrease, such that Qatar (at $9.54 million), Kuwait ($12.16 million) and the UAE ($6.56 billion) witnessed the highest declines of 59.9%, 55.73% and 34.71% respectively.
