China Is Still Main Destination for Iran Exports

IRAN NEWS ECONOMIC DESK

TEHRAN – Spokesman to Iranian Oil, Gas and Petrochemical Products Exporters’ Association says the slump in the oil price has affected Iran’s exports in terms of value, and the lockdown due to the Coronavirus pandemic has worsened the condition.

Hamid Hosseini pointed to the statistics released by the Customs Administration, adding that the statistics show that Iran’s exports in the first month of the current Iranian calendar year (Farvardin) have declined by 39 percent in terms of weight and 36 percent in terms of value comparing to the same period last year. He further said the total trade volume of Iran stood as $3.583b in the first month.

He added that China has been the major destination for Iran’s exports in the first month as the value of the exports to China stood at $523m which accounted for 32 percent of the total amount of exports in this month.

Hosseini further said the UAE was the second destination for Iran’s exports as the figure showed $355m. He added that the value of exports to the UAE accounts for 21.5 percent of the total value of exports.

He admitted that exports to Iraq declined in the first month and touched $259m as the country slipped in the rankings with one place to the third place. The value of exports to Iraq accounted for 19 percent of Iran’s total exports last month.

Hosseini noted that Afghanistan was the fourth destination with exports worth of $125m and 7.5 percent value of the total exports.

He admitted that the exports to Turkey fell significantly as the total exports to Turkey fell to $72m and it ranked fifth. Exports to Turkey account for 4 percent of Iran’s total exports volume.

He said oil and petrochemical products account for one-thirds of Iran’s non-oil exports and the statistics indicate the decline in exports.

Hosseini added that statistics also indicate that the exports to China have also faced 50 percent decline, adding that actually, the outbreak of the Coronavirus has inflicted heavy blow on oil, gas and petrochemical industry.

He said on the whole, Iran whose major exports are oil and petrochemical products has suffered the most, noting that fortunately the condition has improved in the second month as the price of Iran’s petrol has soared from $15 to $25 per barrel.

Hosseini added that the rise in the price has encouraged the producers to buy and store them in order to reduce the pressure from the plants.