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The post Iran’s Non-Oil Exports Hit $21.9 Billion in 5-Months Period: IRICA appeared first on Iran News Daily.

According to SCI data, the figure including oil increased by 3.3 percent, IRNA reported.

As reported by the center, based on the fixed prices in the Iranian year 1390 (ended on March 19, 2012), the country’s GDP stood at 3.87 quadrillion rials (about $10.115 billion) including the oil sector, and at 3.326 quadrillion rials (about $8.7 billion) excluding the oil sector in the mentioned six months, while the figures were 3.745 quadrillion rials (about $9.78 billion) and 3.217 quadrillion rials (about $8.4 billion), respectively, in the first half of the previous year.

The SCI data indicate that in the first six months of 1401, the agricultural sector had negative growth of 2.2 percent, the industry and mining sector registered a five-percent growth, and the service sector grew by 2.6 percent compared to the first half of 1400.

Back in October, the International Monetary Fund (IMF), in its latest World Economic Outlook report titled “Countering the Cost-of-Living Crisis”, said that Iran’s economy will experience a positive growth of three percent in 2022, following its upward trend for the third consecutive year.

The fund anticipated that Iran’s inflation rate and accounts balance will also improve in the current year.

The international body had put Iran’s inflation rate in 2021 at 40.1 percent, adding that not only Iran’s inflation rate will not increase in the current year as compared to a year earlier, but it will hit 40 percent at large, showing a bit decline.

The IMF also predicted that Iran’s balance of its current accounts in 2022 will double as compared to the same period of last year.

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Ruhollah Latifi put the country’s non-oil trade at 13.622 million tons worth $8.9 billion in the third month, and said the with the country’s exports being more than imports in that month, a positive trade balance of $204 million was achieved.

The official further put the monthly non-oil export at 10.65 million tons worth $4.553 billion, and that of import at 2.972 million tons valued at $4.349 billion.

As previously announced by the IRICA head, the value of Iran’s non-oil exports reached $13.69 billion in the first three months of the current Iranian calendar year, up 21 percent compared to the last year’s same period.

Alireza Moghadasi said Iran exported 27.7 million tons of non-oil commodities in the mentioned three months.

Meanwhile, some 8.154 million tons of goods valued at $12.464 billion were imported into the country in the said period to register an 18-percent rise in terms of value compared to the last year’s same quarter.

In total, the Islamic Republic traded about 36 million tons of non-oil goods worth $25.5 billion with its trade partners in the first quarter of the current Iranian calendar year, up 19.5 percent in terms of value, Moghadasi said.

According to the official, the country’s trade balance was $605 million positive in the mentioned time span.

Iran’s top export destination during this period was China with $4.214 billion worth of imports from the Islamic Republic, followed by Iraq with $1.824 billion, Turkey with $1.737 billion, the United Arab Emirates (UAE) with over $1.645 billion, and India with $424 million.

Meanwhile, the country’s top five sources of imports during these three months were the UAE with $3.426 billion, China with $3.131 billion, Turkey with $1.273 billion, India with $512 million, and Germany with $456 million worth of imports.

As previously announced by the IRICA head, the value of Iran’s non-oil trade rose 38 percent in the past Iranian calendar year 1400 (ended on March 20), as compared to its previous year.

Moqadasi put the country’s non-oil trade at 162 million tons worth $100 billion in the past year.

He said that Iran exported 122 million tons of non-oil products worth $48 billion in the previous year, which was $14 billion (41 percent) more than the figure for its preceding year.

The country’s non-oil trade record in 1400 was reached while the toughest sanctions were imposed on Iran, but thanks to God and the efforts of entrepreneurs, producers and the cooperation of foreign trade-related organizations, a historical record was achieved in the past year which was unprecedented in recent decades, the official has underlined.

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Speaking to ILNA, Mehdi Mousai talked about the possible visit of Turkish President Recep Tayyip Erdogan to Tehran and their talks on economic issues and said this visit has not been fixed yet but it is imminent. He noted that there are some problems which should be raised and solved during Turkish President’s visit to Tehran. He added that one of the problems is the extra tax that Turkey gets from Iranian traders which will be probably discussed in the meeting, adding that border problems is the other issue which is to be tackled in the meeting to ease the trade.

Mousavi noted that a proposal for bilateral free trade between the two countries will be also discussed in the meeting, stated that the chamber has offered its proposals and if they are accepted and implemented they will boost the trade between Ira and Turkey.

He said Turkey gets 6% extra tax from Iranian traders and it is claimed it is because of the banking problems and this tax is known as KDV.

Mousavi went on to say that many Turkish companies face problems in trade with Iran, adding that the foreign trade of Turkey is estimated at $525b and it makes the condition hard for Turkish companies to work with a country which is under the sanctions. He added that he does not think a long term agreement between Iran and Turkey to be signed. He said the difference between Russia and China with Turkey is their independence as Turkey’s foreign debts are around $481b and it is mostly to the U.S.

Mousavi said that fortunately the trade between Iran and Turkey is getting better because the prices of Iranian goods are much better because energy and labor force are cheaper in Iran. He stated currently and for this reason the trade balance with Turkey is positive in favor of Iran adding that this year Iran’s non-oil exports to Turkey have been fivefold comparing to the previous year.

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“We are trying to boost our non-oil exports by improving the logistics sector and preferential tariffs, and also by reforming laws, regulations, and structures in the trade advisory sector,” Alireza Peyman Pak said on Saturday.

According to the plans, priorities have been set for the export target markets to increase the country’s exports by $35 billion over the next four years, he said.

The official noted that in countries such as Venezuela, with which Iran has close financial ties, a mechanism has been defined for barter trade of priority goods, including home appliances.

“Considering the fact that most of the countries are promoting domestic production in recent years, we are also considering the exports of parts and even joint production of some products in the coming years,” Peyman Pak added.

To support non-oil exports during the sanctions and the coronavirus pandemic, the Iranian government has defined some new strategies and has been pursuing them vigorously.

The major strategy is to focus on the neighboring countries and the trade partners in the region, and it is, in fact, one of the top priorities of the government for defying the U.S. sanctions.

Back in April, Iran’s Supreme Council of Non-oil Exports Promotion approved new regulations for facilitating the country’s non-oil trade, especially with the neighboring countries, in the current Iranian calendar year (started on March 21).

Earlier that month, former TPO Head Hamid Zadboum had announced the allocation of eight trillion rials (about $190.5 million) for supporting non-oil export activities in the current Iranian calendar year.

Mentioning the current year’s motto which is “Production: Support and the Elimination of Obstacles”, the official underlined planning for the development and expansion of non-oil exports as well as the promotion of export culture as the TPO’s main priority in the current year.

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Mehdi Mir-Ashrafi said that Iran has traded 79.1 million tons of non-oil products worth $45 billion with other countries in the mentioned period, IRNA reported.

The official put the six-month non-oil exports at 60 million tons valued at $21.8 billion, with a 61-percent rise in value and a 30-percent growth in weight.

The IRICA head mentioned liquefied natural gas, methanol, polyethylene, semi-finished iron products, iron ingots, propane, urea, gasoline, iron rods and cathodes as the main exported products in the said time span.

He said major export destinations of the Iranian non-oil goods were China with about 14.8 million tons worth $6.5 billion, Iraq with 13.9 million tons worth $3.8 billion, Turkey with 7.2 million tons worth $2.3 billion, the United Arab Emirates (UAE) with 5.8 million tons worth $2.2 billion, and Afghanistan with 2.5 million tons worth $1.0 billion.

The official further announced that Iran has imported 19.1 million tons of non-oil commodities worth $23.1 billion in the first six months of the present year, with a 37-percent growth in value and a 15-percent rise in weight year on year.

Mir-Ashrafi named cellphones, livestock corn, sunflower oil, barley, meal, wheat, soybeans, sugar, palm oil, and rice as the main imported commodities.

The United Arab Emirates with 5.9 million tons of goods worth $7.3 billion was the top exporter to Iran in the said period, followed by China with 1.5 million tons of goods worth $5.0 billion, Turkey with 2.1 million tons worth $2.4 billion, and Switzerland with one million tons worth $900,000, the official stated.

According to the official, out of the total 19.1 million tons of goods imported into the country in the first six months of this year, 14.3 million worth $8.9 billion were basic goods, which constitutes 75 percent of the total imported goods.

The official also noted that over 5.856 million tons of goods were transited through Iran in the said period, registering an 85-percent rise compared to the same period in the previous year.

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Iran exported 16.9 million tons of non-oil commodities including gasoline, polyethylene, methanol, iron and steel ingots and steel products to foreign destinations in the mentioned two months, according to Mehdi Mir-Ashrafi.

Meanwhile, some 5.3 million tons of goods valued at $6.5 billion were also imported into the country in the said period to register a 26.5-percent rise compared to the last year’s same two months.

In total, the Islamic Republic traded 22.2 million tons of such goods worth $12.8 billion with its trade partners in the period under review, up 6.6 percent and 38 percent in terms of weight and value, respectively, Mir-Ashrafi said.

Iran’s top five non-oil export destinations during this period were China with $2 billion worth of exports, Iraq with $953 million, the United Arab Emirates (UAE) with over $849 million, Turkey with $388 million, and Afghanistan with $365 million.

According to the official, the mentioned five countries accounted for 68 percent and 73 percent of Iran’s total non-oil exports in terms of weight and value, respectively.

Meanwhile, the country’s top five sources of imports during these two months were the UAE with $1.8 billion, China with $1.5 billion, Turkey with $642 million, Germany with $285 million, and Switzerland with $283 million worth of imports.

Mobile phones, corn, sunflower oil, meal, wheat, soybeans, rice, barley, sugar and crude soybean oil were the most imported items during this period.

These 10 items accounted for 69.5 percent of the weight and 33 percent of the total value of imports, according to Mir-Ashrafi.

The official also noted that over 1.842 million tons of goods were transited through Iran in the said period, registering a 142-percent rise compared to the same period in the previous year.

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Although the surplus in foreign trades does not show a significant jump from that of the last fiscal’s (March 2018-2019), which stood close to $1.6 billion, Iran has been observing a consistent and month-by-month improvement in its foreign commerce. The country ended a year before (March 2017-2018) with a trade deficit of $7.4 billion.

Iran has been seeking different strategies to diversify its revenue sources to reduce the reliance on crude oil sales — a move which has been intensified, especially after the United States reimposed its unilateral sanctions on the country’s banking and oil sectors last year.

The mild increase in exports and decrease in imports show that the government has achieved a certain level of success in this regard.

During the first two months of current fiscal, non-oil exports stood at 30,273 tons worth $8.412 billion, indicating an 8% growth in terms of value compared with the similar period of last year.

In return, the country imported some 5,654 tons of non-oil commodities in the first two Iranian months, worth $6.763 billion. The figure shows an 8% decrease in terms of value year-on-year.

By non-oil trade, IRICA refers to all commercial exchanges, excluding crude oil. Oil-based products such as gas condensate, liquefied natural gas, liquefied propane, petroleum gases, liquefied hydrocarbons or even light oil are categorized by IRICA as “non-oil”.

The exports mainly included liquefied natural gas, gas condensates, and light oils except for gasoline.

China, UAE, Iraq, and Turkey were the top destinations of Iran’s exports.

The imports mainly constituted rice, field corn, and soybeans. These mainly originated from China, the UAE, India and Turkey

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He also put the weight of exported products at 26.31 million tons, with 23 percent fall compared to the same time span of the past year.

He mentioned China, United Arab Emirates, South Korea, India, Japan, Indonesia, Kuwait, Thailand, and Taiwan as the major export destinations of the products.

Iran’s non-oil trade with other countries registered a $1.5-billion positive balance in the first eleven months of the current Iranian calendar year, Finance and Economic Affairs Minister Farhad Dejpasand has recently announced.

The minister put the value of non-oil exports at $40 billion and that of the imports at $38.5 billion in the mentioned period of time.

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