Iran Foreign Trade Touches $9.3b in 2 Months

IRAN NEWS ECONOMIC DESK

TEHRAN – Spokesman of the Islamic Republic of Iran Customs Administration Rouhollah Latifi says Iran’s foreign trade exceeded $9b in value and 21m tons in weight in the first two months of the current year.

Speaking on the country’s foreign trade in the first two months of the current Iranian calendar year, Latifi said that the country exported 21m tons of goods worth $9.341b in the first two months.

He added that the figure is comprised of 14.5m tons of exports and 6.5m tons of imports.

Latifi noted that the value of exports in this period stood at $4.3b and imports stood at $5.41m.

He admitted that the exports in terms of weight in the second month grew by 71 percent and 60 percent in terms in value. He admitted that the country exported 9.176m tons of goods worth $2.648b in the second month.

He also pointed to the volume of imports in the same period, adding that only 3.879m tons of goods worth $3.11b imported which shows 53 percent growth in weight and 61 percent in value.

Latifi added that five countries were the major export destinations for Iranian goods, adding that China with $1.19b topped the list of Iran’s export destinations in the first two months which accounts for 27 percent of Iran’s total exports. Iraq with $1.1b, the UAE with $682m, Afghanistan with $341m and Turkey with $144m are the other top destinations for Iran’s exports.

He also noted that China is the major importer to Iran with $1.234b while the UAE with $1.078b, Turkey with $535m, Russia with $356m and India with $335m are the other major exporters to Iran.

Latifi also pointed to 70 percent decline in trade between Iran and Turkey between January and April, saying Iran exported $289.1 million worth of goods to Turkey during the four months, indicating an 86.05% decline year-on-year.

Imports stood at $430.43 million, down 45.72% YOY, he added.

Bilateral trade in April amounted to $74.55 million, going down by 89.54% compared to April 2019. Exports to Turkey accounted for $19.45 million of the figure, down 96.1% YOY, while Turkey’s exports to Iran stood at $55.1 million, down by 74.19% YOY.

Bazargan border crossing, located in northwest Iran, recently reopened following negotiations among Iranian and Turkish authorities after Turkish authorities closed it to prevent the spread of the new coronavirus.

According to Latifi, 60 Iranian trucks per day have been allowed to transfer goods to Turkey from Iran as per new agreements as of May 5.

Razi border-crossing is Iran’s sole rail connection with Turkey. Prior to the opening of Bazargan, all trades were carried out via this gate.