Economy, Domestic Economy

Oil Products, Minerals Boost EPI

Oil Products, Minerals Boost EPIOil Products, Minerals Boost EPI

The export price index stood at 275.9 in the eighth Iranian month of Aban (Oct. 23-Nov. 21), registering a 5.7% increase compared with the preceding month and a 26.4% rise compared to last year’s corresponding period, the Central Bank of Iran’s latest data show.

The average EPI during the eight months to Nov. 21 witnessed a 16.7% growth year-on-year, IRNA reported.

EPI is primarily affected by two factors: foreign exchange rates and global commodity prices.

The index is calculated for the prices of one or a basket of commodities in international trading using, ideally, FOB export prices.

The dollar and euro grew by 2.5% and 1.2% respectively in Aban and 9.2% and 18.19% during the eight months of the current fiscal year, reaching 49,930 and 48,600 rials respectively.

EPI for petroleum-based and mineral products had the highest YOY rise, recording a 353% and 40.9% growth respectively. These products include liquefied propane, liquefied butane, cement, bitumen, copper concentrate, copper cathode, paraffin wax, engine oil, high-density polyethylene, zinc ingot, tiles and ceramics, ammonia, aluminum ingot and calcium carbonate powder.

Other products rising in value month-on-month include pistachio, urea, tomato paste, tractor, hot-rolled steel, hand-woven wool carpet, yoghurt, evaporative coolers, raisin, almond, biscuits, potato chips, cake, ice cream, plastic hose, frozen fish and white chocolate.

Cement, fertilizer, hand-woven carpet, dates, yogurt, biscuit, wafer, saffron, radiator, tractor, synthetic leather sandal, frozen fish, tomato paste, cake, tiles, ceramics, cleansing powders and liquids, and machine-made carpets were non-oil products that registered the highest rise in their month-on-month EPI.

EPI for methanol, hydrogenated vegetable oils and iron beams declined month-on-month.

A closer look at the figures reveals that EPI for petrochemical products saw an increase of 6.7%.

According to the report, EPI for chemical and their downstream products as well as base metals and their downstream products witnessed a considerable year-on-year growth, rising 31.3% and 32.4% respectively.

EPI started the fiscal 2017-18 at 241 points.

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