Iran’s Q1-3 essential imports top $14 billion

A total of 23.05 million tons of essential goods worth $14.14 billion were imported into Iran during the first nine months of the current fiscal year (March 21-Dec. 21), according to the newly-appointed head of the Islamic Republic of Iran Customs Administration.

14 January 2022
ID : 33412
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A total of 23.05 million tons of essential goods worth $14.14 billion were imported into Iran during the first nine months of the current fiscal year (March 21-Dec. 21), according to the newly-appointed head of the Islamic Republic of Iran Customs Administration.

Iran’s northern port of Bandar Anzali is a hub of trade between Iran and the Eurasian countries. (Photo: ISNA)

A total of 23.05 million tons of essential goods worth $14.14 billion were imported into Iran during the first nine months of the current fiscal year (March 21-Dec. 21), according to the newly-appointed head of the Islamic Republic of Iran Customs Administration.

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

“Seven commodities weighing around 20.17 million tons and valued at $11.14 billion in total were imported using subsidized foreign currency at the rate of 42,000 rials per dollar, registering a respective rise of 36% and 83% compared with the similar period of last year,” Alireza Moqaddasi was quoted as saying by Fars News Agency.

The official said the top three imported commodities in this category included 7.05 million tons of corn worth $2.24 billion (registering a 3% fall in weight and a 35% rise in value YOY), 1.53 million tons of unrefined and edible vegetable oil worth $2.08 billion (up 102% in weight and 231% in value YOY) and 5.02 million tons of wheat worth $1.71 billion (up 101% in volume and 147% in value YOY). 

Other essential goods imported during the period were 16,274 tons of pharmaceuticals and medical equipment worth $1.67 billion (up 42% and 36% in weight and value respectively YOY), 1.99 million tons of oilseeds worth $1.39 billion (up 8% in weight and 47% in value), 1.96 million tons of soymeal worth $1.08 billion (up 77% in volume and 134% in value) and 2.61 million tons of barley worth $767.52 million (up 94% in weight and 135% in value).

Moqaddasi noted that 2.87 million tons of the imported essential goods worth $2.99 billion were imported using the currency available at the Secondary Foreign Exchange Market, locally known as Nima.

Nima is an online platform affiliated to the Central Bank of Iran where exporters sell their foreign currency income and companies buy it for importing goods, machinery, equipment and raw materials. Foreign currency rates in Nima are priced slightly lower than free market levels.

The main commodities were around 958,904 tons of rice worth $818.82 million (up 23% in weight and 15% in value), 1.05 tons of unrefined sugar worth $466.9 million (up 6% in weight and 31% in value), 32,402 tons of essential goods for production lines and processing machinery worth $314.3 million (down 4% in both volume and value), 63,849 tons of heavy vehicle tires worth $229.634 million (up 12% in volume and 11% in value), 152,785 tons of fertilizers worth $17.66 million (down 27% in weight and 13% in value), 8,127 tons of pesticides and insecticides worth $71,39 million (up 41% in volume and 22% in value) and 375 tons of veterinarian medicines worth $38.34 million (up 5% in weight and down 18% in value).

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