Intermediate goods account for lion’s share of Iran imports

From the total trade volume in the first two fiscal months (March 21-May 21) of fiscal 2021-22, 70.9% belonged to intermediate goods, 15.2% to consumer goods and 13.8% to capital goods, according to Director General of Trade Promotion Organization of Iran Hamid Zadboom.

18 June 2021
ID : 32914
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From the total trade volume in the first two fiscal months (March 21-May 21) of fiscal 2021-22, 70.9% belonged to intermediate goods, 15.2% to consumer goods and 13.8% to capital goods, according to Director General of Trade Promotion Organization of Iran Hamid Zadboom.

Shahid Rajaee Port in Iranian southern city of Bandar Abbas.

From the total trade volume in the first two fiscal months (March 21-May 21) of fiscal 2021-22, 70.9% belonged to intermediate goods, 15.2% to consumer goods and 13.8% to capital goods, according to Director General of Trade Promotion Organization of Iran Hamid Zadboom.

Iran’s trade with other countries stood at 32.54 million tons worth $18.56 billion during the two months, ILNA reported.

In the month ending May 21, according to Mehdi Mirashrafi, the head of the Islamic Republic of Iran Customs Administration, imports reached 5.3 million tons worth $6.5 billion, indicating a 16.5% decline in weight but a 29.5% growth in value compared with the corresponding period of last year.

“Cell phones, corn, sunflower oil, soybean meal, wheat, soybeans, rice, barley, sugar and unprocessed soybean oil were Iran’s main imports last month. Imports of these 10 items totaled 3.7 million tons worth $2.1 billion and accounted from 69.5% and 33% of the country’s overall imports in terms of weight and value,” he said.

Top exporters to Iran were the UAE with 1.4 million tons of goods with $1.8 billion, China with 461,000 tons of goods worth $1.5 billion, Turkey with 581,000 tons of goods worth $642 million, Germany with 156,000 tons of goods worth $285 million and Switzerland with 359,000 tons of goods worth $283 million.

“Imports from the UAE rose by 114% and 181% in weight and value compared with last year’s same month respectively while imports from Turkey decreased by 48% in weight and 42% in value, imports from Germany dropped by 54% and 15% in weight and value, and imports from Switzerland surged by 2,642% in weight and 2,061% in value compared with the same month of last year.   

“These five countries exported an aggregate of 2.96 million tons of goods worth $4.54 billion to Iran during the month under review to account for 55% of the country’s overall imports in weight and 70% of its imports in value,” he said.   

In the first month of the current Iranian year (March 21-April 20), imports stood at 2.04 million tons worth $2.79 billion. 

The imports register a decline of 18% in weight, but an increase of 47% in value year-on-year. 

Iran imported $198 million worth of mobile phone devices; $150 million worth of sunflower oil; $103 million worth of wheat; $89 million worth of rice and $76 million worth of soybean meal during the period under review.

Top exporters to Iran were the UAE with 453,000 tons of non-oil goods worth $788 million (registering a year-on-year increase of 110% and 113% in weight and value respectively), China with 221,000 tons of goods worth $656 million (an increase of 50% and 64% in weight and value), Turkey with 172,000 tons of goods worth $247 million (a decline of 67% in weight but an increase of 1% in value), India with 137,000 tons of goods worth $133 million (a decline of 35% and 19% in weight and value) and Russia with 174,000 tons of goods worth $132 million (a decrease of 48% in weight but an increase of 30% in value).

“These five countries exported 1.15 million tons of non-oil goods worth $1.95 billion during the month ending April 20. Imports from these five countries accounted for 65% and 70% of Iran’s total import in weight and value, respectively. 

An intermediate good is a product utilized to produce a final good or finished product. These goods are sold between industries for resale or for the production of other goods. Examples include steel, wood, glass, gold and silver.

Consumer goods are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing enterprises, and are what a consumer will see on the store shelf. Clothing, food and jewelry are all examples of consumer goods.

Capital goods are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services to produce consumer goods and goods for other businesses.

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