Iran imports $4.5 billion of essential goods in Q1

A total of 5.9 million tons of essential goods worth $4.5 billion were imported during the first three months of the current Iranian year (March 21-June 21), according to a customs official.

6 July 2022
ID : 33862
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A total of 5.9 million tons of essential goods worth $4.5 billion were imported during the first three months of the current Iranian year (March 21-June 21), according to a customs official.

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

A total of 5.9 million tons of essential goods worth $4.5 billion were imported during the first three months of the current Iranian year (March 21-June 21), according to a customs official. 

Foroud Asgari also told ISNA that a major portion of essential goods were imported using subsidized foreign currency at the rate of 42,000 rials per dollar.

The cheap dollar allocation at the so-called “preferential rate” was abolished by the government of President Ebrahim Raisi recently.

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

These essential goods’ imports included 1.7 million tons of wheat worth $718.6 million, 1.7 million tons of corn worth $675.9 million, 295,900 tons of semi-solid and liquid unrefined and edible vegetable oil worth $509.9 million, 644,100 tons of oilseeds worth $503.7 million, 4,100 tons of pharmaceuticals and medical equipment worth $634 million, 277,000 tons of soymeal worth $161 million and 255,500 tons of barley worth $94.1 million.

The official noted that a smaller share of imports constituted those entitled to the so-called NIMA foreign exchange rate, which is more than the preferential rate but cheaper than the open market rate.

NIMA refers to an online platform devised by the Central Bank of Iran where exporters sell their foreign currency earnings to buyers who in turn use the currency to import.

Close to 583,600 tons of rice worth $549.5 million, 110,600 tons of unrefined sugar worth $57.9 million, 19,900 tons of chicken worth $35.8 million, 7,200 tons of frozen red meat worth $31.7 million and 780 tons of fresh red meat worth $4.5 million were imported using the NIMA rates.

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