15869
$760m Trade Surplus
Economy, Domestic Economy

$760m Trade Surplus

A trade surplus of $760 million was recorded in the first month of the Iranian calendar year (March 21-April 20) according to data released by the Islamic Republic of Iran Customs Administration (IRICA), which put the total trade in non-oil goods including gas condensates during the period at $4.7 billion.
The total volume of non-oil trade registered during the same month in the previous year was $5.3 billion when $310 million surplus was recorded, IRNA reported.
Exports declined 7.77% compared with the similar period of the previous year to reach $2.7 billion, while imports dropped 23% to $1.971 billion.
Among the three main categories of ‘petrochemical products, gas condensates and other commodities,’ the first group experienced 18.81% surge in total value of exports while the last two recorded 34.85% and 7.77% decline respectively.
Petrochemical products worth $1.14 billion and gas condensates worth $523 million were exported, accounting for 41.89% and 19.13% of total exports respectively. All other commodities accounted for 38.97% of total exports, registering $1.064 billion in export value.

  Exports and Destinations
Low-density polyethylene (6.25%), liquefied propane (5.45%) and bitumen (4.94%) were the main goods exported during the month.
China was the major export destination, accounting for $641 million or 29.02% of total export value. Iraq came next with more than $375 million (16.97%) imports, followed by the United Arab Emirates (UAE), buying more than $333 million (15.1%) of the Iranian goods. India and Afghanistan were other major importing countries with $155 million (7.02%) and $145 million (6.58%) imports respectively.

  Imports and Sources
The five main commodities imported during the period include corn for cattle feed (5.28%), barley (2.75%), rice (2.41%), heavy machinery/ equipments (1.93%) and unripe bananas (1.65%).
The majority of Iran’s imports during the period came from five countries, namely: China, the UAE, South Korea, Turkey, and India.
China accounted for 22.8% of Iran’s total imports during the period, with imports from the country amounting to $449 million. The UAE came second with a share of 20.26% and $399 million worth of exports. South Korea’s exports amounted to $188 million, making up for a share of 9.53%. Turkey with a share of 9.32% or $184 million and India with a share of 7.73% or $152 million were the fourth and fifth major exporters respectively.

  Customs Revenues Up
Meanwhile, head of IRICA Masoud Karbasian on Wednesday announced that customs revenues increased by 65% over the past Iranian calendar year, “despite only 6% growth in the volume of imports.”
Speaking at an educational workshop for customs officials and financial experts, the official said establishing a comprehensive administrative and financial system to handle the customs-related services played a significant role in the increase, IRNA reported.

Short URL : http://goo.gl/9jSu7X

You can also read ...

TCCIM Doubles Down on Sound Forex Policies
By keeping the rial overvalued, the administration is in fact...
Iran Turns to Europe to  Shore Up Crude Exports
Iran is banking on customers in Europe to shore up crude oil...
Iran needs to import around 800,000 tons of rice every year.
The temporary ban on rice imports has been lifted from Nov. 22...
The new store of South Korea’s largest convenience store chain CU opens in Tehran on Nov. 20. (Yonhap)
BGF Retail Company, the operator of South Korea’s largest...
The world’s 66 steelmakers produced 1.41 billion tons of steel during the 10 months, up 5.6% YOY.
Iranian steel mills produced 17.9 million tons of steel since...
Speculations About Gold Rally
The sudden leap in gold coins’ prices and their unprecedented...
Call for Prioritizing Financial  Ties During Visit of UK’s FM
Boosting banking relations with Britain is a top priority of...
For a Successful  Implementation of IFRS
In the Iranian banking world, the IFRS fever has been running...

Trending

Googleplus