Iran traded 49.41 million tons of non-oil commodities worth $26.37 billion with BRICS countries in the last Iranian year (ended March 20, 2019), registering an 8.65% and 9.18% decline in tonnage and value respectively compared with last year’s corresponding period.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 41.19 million tons worth $11.59 billion during the period, indicating a 0.1% and 0.04% decline in tonnage and value respectively year-on-year.
Imports stood at 8.22 million tons worth $14.77 billion, down 0.03% and 0.13% in tonnage and value respectively YOY.
BRICS is the acronym for an association of five major emerging economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010.
The five newly industrialized countries are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members.
Statistics from the Islamic Republic of Iran Customs Administration shows Iran’s overall non-oil foreign trade stood at $86.92 billion in the fiscal 2018-19. Compared with IRICA's data for the previous year, foreign trade during the period indicates a 14.1% decrease year-on-year.
Overall exports hit 117.22 million tons worth $44.31 billion during the 12-month period to register a 12% decrease in weight and a 6% decline in value YOY.
Imports amounted to 32.04 million tons worth $42.61 billion, down 17.5% in weight. Imports saw a decline of 22% in value over last year’s similar period.
The above figures suggest that Iran's non-oil trade with BRICS accounted for 30.33% of the country's overall foreign trade YOY.
Exports to this select group of countries accounted for 26.16% of overall exports while 34.67% of overall imports came from these five nations.
Main Commodities, Trading Partners
Iran mainly exported liquefied propane, methanol, film grade polyethylene, ethylene glycol, liquefied butane and urea to BRICS countries.
In exchange, major commodities imported into Iran by BRICS included semi- and wholly-milled rice, auto parts, graphite electrodes used in furnaces, nuclear reactor parts and field corn.
In terms of total trade value, China topped the list among BRICS states, as bilateral trade with Iran stood at 35.6 million tons worth $19.53 billion, down by 10.86% and 12.21% in tonnage and value respectively YOY.
Exports to China amounted to 32.16 million tons worth $9.21 billion to register an 8.43% decline in tonnage and 2.28% growth in value YOY.
China was Iran’s top export destination among the countries under review as well as in the whole world during the year.
In return, China exported 3.43 million tons of commodities worth $10.31 billion to Iran, down by 28.56% and 22.07% in tonnage and value respectively YOY.
China was the top exporter of goods to Iran among BRICS members and also in the world.
Major Iranian commodities exported to China were liquefied propane, film grade polyethylene and methanol.
China mainly exported auto parts, graphite electrodes used in furnaces, machinery and LCD/LED screen modules to Iran.
India was Iran’s second biggest trading partner among BRICS states during the 12 months, as two-way commercial exchanges stood at 10.37 million tons worth $4.63 billion to register a 10.78% and 7.14% decrease in tonnage and value respectively YOY.
Iran exported 8.36 million tons of goods worth $2.04 billion to India, down 14.95% and 25.34% in tonnage and value respectively YOY.
India was Iran’s second export destination among BRICS countries and seventh in the world during the period.
Iran’s exports to India mainly included methanol, urea, ammonia and bitumen. The country imported 2.01 million tons of commodities worth $2.59 billion from India, up by 12.04% and 14.91% in tonnage and value respectively YOY, which were mainly semi- and wholly-milled rice, tea, graphite electrodes used in furnaces and oilcake.
India was the second exporter of goods to Iran among the states under review and fourth exporter to Iran in the world.
Russia was Iran’s third major trading partner among BRICS states.
Mutual trade between Iran and Russia amounted to 2.67 million tons worth $1.62 billion, indicating a 41.48% and 59.13% rise in tonnage and value respectively YOY.
Iran’s exports reached 499,802 tons worth $280.53 million, down 4.98% and 4.07% in tonnage and value respectively YOY, while Russia’s exports to Iran were at 2.17 million tons worth $1.34 billion, up by 59.39% and 84.52% in tonnage and value respectively YOY.
Russia was Iran’s third export destination as well as the third exporter of goods to Iran among BRICS members. The country was Iran’s 14th export destination and eighth exporter to Iran in the world.
Kiwi, tomatoes, apples and pistachios were Iran’s main goods exported to Russia, while Russia mainly exported nuclear reactor parts, sunflower oil, field corn and barley to Iran.
Highest Growths, Declines in Trade
Trade with Russia (at $1.62 billion) saw the highest YOY growth of 59.13%, while trade with Brazil (at $506.62 million), China ($19.53 billion) and India ($4.63 billion) witnessed the lowest declines of 27.97%, 12.21% and 7.14% respectively.
Iran’s exports to China (at $9.21 million) saw the highest growth of 2.28%, while exports to Brazil (at $17.3 million), India ($2.04 billion) and South Africa ($35.92 million) witnessed the highest declines of 39.45%, 25.34% and 4.17% respectively.
Imports from Russia (at $1.34 billion), India ($2.59 billion) and South Africa ($35.64 million) saw the highest growths of 84.52%, 14.91% and 4.07% respectively while imports from Brazil (at $489.31 million) and China ($10.31 billion) witnessed the highest declines of 27.49% and 22.07% respectively.
