Economy, Domestic Economy

10-Month Foreign Trade Exceeds $69b

10-Month Foreign Trade Exceeds $69b10-Month Foreign Trade Exceeds $69b

Iran’s non-oil foreign trade during the 10 months ending January 20 stood at $69.45 billion, according to the latest report by the Islamic Republic of Iran Customs Administration.  

Imports, including field corn (3.4% of the overall imports), wheat (2.09%), soybean (1.84%), rice (1.71%) and auto parts (1.61%), amounted to $33.84 billion—down 22.32% compared with last year’s similar period. Main exporting countries to Iran were China (accounting for 25.08% of Iran’s total imports), the UAE (18.52%), South Korea (9.03%), Turkey (7.35%) and Switzerland (6.42%).  

Exports, including petroleum gases and hydrocarbons (4.27% of the total exports), liquefied propane (3.82%) and bitumen (3.58%), reached $35.61 billion, indicating a 15.87% drop compared with the corresponding period of last year.

China (19.05% of Iran’s overall exports), Iraq (16.78%), the UAE (14%), India (7.24%) and Afghanistan (7.18%) were the main export destinations.

The Iranian month of Dey (ended January 20, 2016) saw foreign trade rise by 31% compared to its preceding month. Exports had an unprecedented increase of 49% over last month to stand at $3.58 billion and imports rose by 17.5% to reach $3.67 billion.

Monthly foreign trade registered its highest growth in Dey after the current Iranian year’s second month, i.e. Ordibehesht (ended May 21, 2015).

Experts believe that implementation of Iran’s nuclear deal, appreciation of the US dollar against rial and agricultural exports at the close of the first half (Sept. 22) helped improve Iran’s foreign trade.