Economy, Domestic Economy

Iran Foreign Trade Up 8%

Foreign Trade Up 8%
Foreign Trade Up 8%

Iran’s non-oil foreign trade during the first eight months of the current fiscal year (started March 21) stood at $60.9 billion, indicating an 8% rise compared with last year’s corresponding period.

According to the latest report of the Islamic Republic of Iran Customs Administration carried by Mehr News Agency, exports hit 78.81 million tons worth $28.48 billion, indicating a 1.21% decline yea- on-year.

Imports amounted to 23.56 million tons worth $32.41 billion, up 17.52% YOY. Increased imports of basic goods, auto parts, cars and capital goods are behind the rise in imports.

Gas condensates ($4.58 billion), liquefied propane ($897 million), light crude oil, excluding gasoline ($764 million), methanol ($752 million) and polyethylene ($750 million) were the main exported commodities.

Imports mainly included rice ($1 billion), field corn ($980 million), auto parts ($972 million), soybean ($669 million) and vehicles of engine displacement between 1500 cc and 2000 cc ($643 million).

China was the main customer of Iranian products during the eight-month period, as Iran exported $5.74 billion worth of goods to the Asian country, 13.51% more than in the corresponding period of last year.   

Other major export destinations included Iraq with $4.35 billion, the UAE ($3.89 billion), South Korea ($2.74 billion) and Afghanistan ($1.84 billion). Exports to Iraq, South Korea and Afghanistan rose by 6.51%, 28.12% and 12.11% respectively compared to last year, but the UAE imported 18.7% less goods from Iran in the period compared with last year’s same period.

Major exporters to Iran included China ($7.95 billion), the UAE ($5.74 billion), Turkey ($2.22 billion), South Korea ($1.84 billion) and Germany (1.79 billion).

The average price of each ton of exporting goods stood at $363, posting an 8.04% rise year-on-year and the average price of each ton of importing commodities hovered around $1,361, up 6.8% compared to last year’s same period.

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