Iran’s exports hit $9.4 billion in two months

Iran’s exports reached 29.71 million tons worth $9.41 billion during the two months ending Oct. 22, according to the spokesman of the Islamic Republic of Iran Customs Administration.

6 November 2021
ID : 33220
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Iran's exports reached 29.71 million tons worth $9.41 billion during the two months ending Oct. 22, according to the spokesman of the Islamic Republic of Iran Customs Administration.

A total of 9.69 million tons of goods worth $11.11 billion were cleared from customs during the period, Rouhollah Latifi was also quoted as saying by IRNA.

He noted that 45.47 million tons of goods worth $17.66 billion were exported during the first five months of the current fiscal year (March 21-Aug. 22) and 13.82 million tons worth $16.63 billion were cleared from the customs during the period.

“Iran’s foreign trade has increased significantly in the incumbent government [led by President Ebrahim Raeisi] as clearance of imported goods in the sixth and seventh months of the current fiscal year compared with the monthly average in the first five months of the year grew by 95% and 39% in terms of value respectively and 92% and 58% in terms of weight. In fact, the monthly export record was broken during Sept. 22-Oct. 22.”

A total of 14.52 million tons worth $4.14 billion of goods were exported in the sixth month (Aug. 23-Sept. 22), registering a 60% and 17% growth in weight and value compared with the monthly average during the first five months of the current fiscal year respectively. Exports in the seventh month (Sept. 22-Oct. 22) stood at 15.18 million tons worth $5.26 billion, which is 67% and 49% higher in terms of weight and value respectively compared with the monthly average of five months under review.

Iran traded 98.7 million tons of non-oil goods worth $54.8 billion with other countries during the current fiscal year’s seven months (March 21-Oct. 22) to register an increase of 16.5% in weight and 43% in value compared with the corresponding period of last year.

According to Mehdi Mirashrafi, the head of the Islamic Republic of Iran Customs Administration, exports stood at 75.2 million tons worth $27.1 billion, which shows a year-on-year growth rates of 15% and 47% in weight and value respectively.

“Iran’s imports hit 23.5 million tons worth $27.7 billion, registering an increase of 21% in weight and 38% in value compared with last year’s same period. Essential goods, machinery, industrial parts, raw materials and intermediate goods accounted for the lion’s share of imports,” he was quoted as saying by the news portal of IRICA.

Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.

The main export destinations included China (16.9 million tons of goods worth $7.7 billion), Iraq (19.7 million tons worth $5.5 billion), Turkey (11 million tons worth $3.4 billion), the UAE (6.6 million tons worth $2.6 billion) and Afghanistan (2.8 million tons worth $1.1 billion.)

Top exports mainly included natural gas, methanol, polyethylene, semi-finished steel products, liquefied polyethylene, steel ingots, rebar, urea, copper cathode and bitumen.

“Essential goods accounted for 16.6 million tons worth $11 billion of total imports, which indicate an increase of 71% in weight and 40% in value YOY. Subsidized foreign currency at the rate of 42,000 rials per US dollar were allocated to import 14.4 million tons of essential goods worth $8.8 billion, registering a 61% rise in weight and 32% increase in value YOY,” the IRICA chief said.

The main exporters to Iran were the UAE (6.9 million tons of goods worth $8.6 billion), China (1.9 million tons worth $6.1 billion), Turkey (2.5 million tons worth $2.9 billion), Germany (512,000 tons worth $1 billion) and Switzerland (1.2 million tons worth $1 billion.)

Cellphone devices, feed corn, wheat, soybeans, sunflower oil, soymeal, barley, rice, sugar and palm oil were the main imports during the period.

“A total of 6.94 million tons of foreign commodities were transported through Iran during the period, indicating an 81% year-on-year rise,” Mirashrafi added.

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