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Economy, Domestic Economy

Iran Foreign Trade Rises 12% to $5.6b (March-April 2018)

Iran’s non-oil foreign trade in the first month of the current fiscal year (March 21-April 20) stood at $5.66 billion, indicating a 12% rise compared with last year’s corresponding period.

Non-oil exports hit 7.98 million tons worth $3.13 billion, indicating a 15.9% increase year-on-year, the latest report by the Islamic Republic of Iran Customs Administration shows.

Non-oil imports amounted to 1.93 million tons worth $2.52 billion, up 7.7% YOY. 

Gas condensates ($448 million), liquefied propane ($163 million), polyethylene ($137 million), ethylene glycol ($105 million) and liquefied butane ($94 million) were the main exported commodities. Exports of items categorized as “others” stood at $1.64 billion, registering a 39.4% rise compared with the same period of last year. 

Imports mainly included soybean ($155 million), field corn ($138 million), auto parts ($121 million), components of nuclear reactors ($77 million) and rice ($69 million). 

China was the main customer of Iranian products during the one-month period, as Iran exported $728 million worth of goods to the Asian country, 18.34% more than the corresponding period of last year.  

Other major export destinations included the UAE ($549 million), Iraq ($402 million), India ($220 million), South Korea ($202 million) and other countries ($1.03 billion). 

Exports to South Korea and the UAE rose by 31.53% and 10.66% respectively compared to the similar period of last year, but India imported 11.36% less goods from Iran during this month. 

Major exporters to Iran included China ($624 million), the UAE ($314 million), Russia ($165 million), Switzerland ($161 million) and South Korea ($144 million).

Imports from Russia and Switzerland rose by 630% and 75.48% respectively.