Economy, Domestic Economy

11-Month Foreign Trade at $76b

11-Month Foreign Trade at $76b11-Month Foreign Trade at $76b

Iran's non-oil foreign trade during the first 11 months of the current Iranian year (started March 20, 2015) reached $76.25 billion.

According to the Islamic Republic of Iran Customs Administration as reported by our sister publication Donya-ye Eghtesad, the figure shows a 15% decline compared with last year's corresponding period.

Exports stood at $39 billion, registering a 16% drop. China was Iran’s top export destination importing $6 billion worth of goods. It was followed by Iraq, the UAE, Afghanistan and India in a descending order.

Imports stood at $37.3 billion, which indicates a 23% decline. China was also the biggest exporter, having shipped $9.3 billion worth of commodities to the Islamic Republic during the 11-month period. It was followed by the UAE, South Korea, Turkey and India.

The report has added that exports and imports during the Iranian month of Bahman (ended February 19) amounted to $3.36 and $3.43 billion, recording year-on-year decline of 10% and 25% respectively.

A comparison between Bahman and the previous month also shows a 6% drop in both imports and exports.

Unlike the appreciation of rial and the rise in the stock market, which reacted immediately to the Jan. 26 removal of western sanctions against Iran—as part of a deal reached between Tehran and world powers back in July, foreign trade has largely remained unaffected.

The decline in foreign trade is widely attributed to the falling oil prices and a global decline in commodity prices. Traders have also been lying in wait, pending the removal of sanctions to fully take effect.