Iran traded 717,023 tons of non-oil commodities worth $549.92 million with Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa (collectively known as CIVETS) in the first Iranian month (March 21-April 20) to register a 25.73% and 34.01% growth in tonnage and value respectively compared with the year before.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 481,555 tons worth $200.89 million during the month to April 20, indicating a 0.93% and 23.94% decrease in tonnage and value respectively year-on-year.
Imports stood at 235,468 tons worth $349.03 million, up 179.73% and 138.71% in tonnage and value respectively YOY.
As a result, Iran recorded a non-oil trade deficit worth $148.14 million with CIVETS economies.
CIVETS in the late 2000s were widely regarded as the next emerging market economies that would rise quickly in the coming decades. The acronym was coined in 2008 at the Economist Intelligence Unit in London.
It rivals another acronym, BRIC (Brazil, Russia, India and China), which was created by Goldman Sachs’ chief economist in 2005, for another group of emerging markets countries, which was then thought to be the next rising star.
The countries share fast-growing, relatively diverse economies as well as large populations that are younger than age 30. They also share great potential for high levels of growth in domestic consumption.
However, CIVETS are generally dynamic without the dependence on external demand or commodity exports, which characterize some parts of the emerging world. They also have a relatively low level of public debt, as well as corporate and household debt.
Main Commodities, Trading Partners
Iran mainly exported non-alloy semi-finished iron/steel products, urea, non-alloy zinc, non-alloy iron and steel ingots, bitumen, polyethylene film grade and refined copper to CIVETS countries.
In exchange, major commodities imported into Iran from CIVETS nations included butter, machinery parts, field corn, sheep, wood pulp and cotton.
In terms of total trade value, Turkey topped the list among CIVETS countries with Iran trade standing at 491,247 tons worth $464.63 million, up by 76.76% and 77.76% in tonnage and value respectively YOY.
Exports to Turkey amounted to 357,764 tons worth $118.93 million to register a 27.79% rise in tonnage and 7.33% decline in value YOY.
Turkey was Iran’s top export destination among the countries under review and sixth in the whole world.
In return, Turkey exported 233,483 tons of commodities worth $345.69 million to Iran, up by 206.38% and 159.84% in tonnage and value respectively YOY.
Turkey was the top exporter of goods to Iran among CIVETS states and second in the world after China.
Major Iranian commodities exported to Turkey were urea, non-alloy zinc, polyethylene film grade, copper and aluminum.
Turkey mainly exported butter, machinery, field corn, cooking bananas and sheep to Iran.
Indonesia was Iran’s second biggest trading partner among CIVETS countries during the period under review, as two-way commercial exchanges stood at 192,059 tons worth $75.87 million to register a 13.64% and 30.19% decline in tonnage and value respectively YOY.
Iran exported 190,664 tons of goods worth $73.93 million to Indonesia, down by 11.69% and 25.93% in tonnage and value respectively YOY.
Indonesia was Iran’s second export destination among CIVETS nations and ninth in the world during the one-month period.
Iran’s exports to Indonesia included non-alloy semi-finished iron/steel products, non-alloy iron/steel ingots, radar devices and bitumen. The country imported 1,395 tons of commodities worth $1.94 million from Indonesia, down by 78.55% and 78.08% in tonnage and value respectively YOY, most of which constituted coconut, paperboard, natural rubber, coffee and palm oil.
Indonesia was the second exporter of goods to Iran among the states and 41st in the world.
Vietnam was Iran’s third major trading partner among CIVETS countries.
Trade between Iran and Vietnam amounted to 32,971 tons worth $9 million, indicating a 198.75% increase in tonnage and 39.09% decline in value YOY.
Iran’s exports reached 32,470 tons worth $7.73 million, up 219.06% in tonnage and down 36.06% value YOY, while Vietnam’s exports to Iran were at 501 tons worth $1.26 million, down by 41.71% and 52.75% in tonnage and value respectively YOY.
Vietnam was Iran’s third export destination as well as the third exporter of goods to Iran among CIVETS states. The country was Iran’s 24th export destination and 48th exporter to Iran in the world.
Sulfur, bitumen, saffron, frozen chicken and figs were Iran’s main goods exported to Vietnam, which exported mainly coffee, pepper, pipes and coconuts to Iran.
Highest Growths, Declines in Trade
Trade with Turkey ($464.63 million) saw a growth of 77.76% YOY, while trade with Egypt ($165,633), South Africa ($243,235) and Vietnam ($9 million) saw the lowest declines of 99.29%, 88.58% and 39.09% respectively.
Iran’s exports to all CIVETS countries witnessed declines, such that exports to Egypt ($126,946), South Africa ($155,745) and Vietnam saw the lowest declines of 99.45%, 73.55% and 36.06% respectively.
Imports from Turkey ($345.69 million) witnessed the highest rise of 159.84% YOY, while imports from South Africa ($87,490), Indonesia ($1.94 million) and Vietnam ($1.26 million) registered the highest declines of 94.32%, 78.08% and 52.75% respectively YOY.
