Economy, Domestic Economy

$12.8b Trade Deficit

$12.8b Trade Deficit$12.8b Trade Deficit

The foreign trade balance saw a $12.8-billion deficit during the first nine months of the current year. Over the period (March 21- December 21, 2014), the volume of imports constituted 60.07 percent of the total trade transactions and registered a 1.07 rise compared to the same period last year, ILNA quoted Iran’s Customs Administration as saying on Saturay.

Non-oil exports, excluding gas condensates, stood at more than $25 billion while total imports stood at more than $38 billion in value. Trade balance (excluding oil, gas, and services) with 83 countries was negative and with 97 others was positive. The United Arab Emirates, South Korea, China, Germany, and Switzerland had the highest volume of trade transactions with Iran in this period.  

The average price of one ton of exported goods was $450, while a ton of imported goods was worth $1,303; therefore, the terms of trade effect in this period was 0.35 percent. It is noteworthy that the average price of a ton of exported goods increased 14.8 percent and the average price of a ton of imported goods decreased 12.49 percent, compared to a year ago.