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Iran Foreign Trade Up 6.2%

Wednesday, November 1, 2017

 

Iran’s non-oil foreign trade during the first seven months of the current fiscal year (started March 21) stood at $52.52 billion, indicating a 6.2% rise compared to last year’s corresponding period.

According to the latest report by the Islamic Republic of Iran Customs Administration, non-oil exports during the period hit 68.05 million tons worth $24.71 billion, indicating a 2.17% decline in value year on year.

Non-oil imports amounted to 19.93 million tons worth $27.81 billion, up 14.89% in value YOY. Increased imports of basic goods, auto parts, cars and capital goods are the main reasons behind the rise in imports.

Gas condensates ($4.11 billion), liquefied propane ($809 million), polyethylene ($750 million), light crude oil, excluding gasoline ($725 million), and methanol ($661 million) were the main exported commodities.

Imports mainly included rice ($1 billion), field corn ($882 million), auto parts ($738 million), vehicles of engine displacement between 1500cc and 2000cc ($625 million) and soybean ($536 million).

China was the main customer of Iranian products during the seven-month period, as Iran exported $5.02 billion worth of goods to the Asian country, 12% more than the corresponding period of last year.

Other major export destinations included Iraq with $4.13 billion, the UAE with $3.47 billion, South Korea with $2.44 billion and Afghanistan with $1.58 billion worth of imports from Iran.

The value of exports to Iraq, South Korea and Afghanistan rose by 12.54%, 24.79% and 16.11% respectively YOY, but the UAE imported 16.11% less goods from Iran over the seven months compared with the same period of last year.

Major exporters to Iran included China ($6.82 billion), the UAE ($4.67 billion), Turkey ($1.93 billion), South Korea ($1.84 billion) and Germany (1.54 billion).

The average price of each ton of exported goods stood at $363, posting an 8.04% rise over last year’s similar period and the average price of each ton of imported commodities hovered around $1,396, up 8.89% YOY.

 

*Source: Financialtribune

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