Iran’s seven-month foreign trade nears $100b: IRICA
Iran’s foreign trade reached approximately $100 billion in the first seven months of the current Iranian year (March 20-October 21, 2024), according to the head of the Islamic Republic of Iran Customs Administration (IRICA).
Mohammad Rezvanifar said on Sunday that out of the total $99.7 billion in foreign trade during the period, $60.2 billion was the value of exports, including oil, technical services, and engineering, while the figure for imports (including gold ingots) stood at $39.5 billion, IRNA reported.
He further noted that non-oil exports during the seven months to October 21 amounted to $32.5 billion, representing a 15% increase compared to the same period last year. The exports of crude oil and condensate also amounted to $27 billion as exports of technical and engineering services reached $700 million.
The IRICA head put the value of imports to the country, excluding gold, at $36.1 billion, while $3.4 billion worth of standard gold ingot were imported in the period.
The total weight of imports to Iran, excluding gold ingots, increased by 2.7% to 21.7 million tons during the seven months, he noted.
During March 20-October 21, Iran’s trade (excluding crude oil, condensate, and techno-engineering services) registered a deficit of $7 billion, as with the oil and techno-engineering services adding up to foreign trade led to $20.7 billion of trade surplus, Rezvanifar stated.
“The total weight of non-oil exports for the period was 88.7 million tons, a 11.48% increase over the same period last year,” he stressed.
The official added that 37.9 million tons of petrochemical products valued at $15.2 billion were exported during the first seven months of the current year, representing a 23% growth in weight and 24% increase in value.
The top export destinations for Iran in the first seven months of the current year were China with $8.6 billion, Iraq with $7.3 billion, the United Arab Emirates with $4.2 billion, Turkey with $3.3 billion, Afghanistan with $1.3 billion, Pakistan with $1.2 billion, and India with $1.1 billion, he added.
Rezvanifar noted that these seven countries accounted for 82% of the total weight and 83% of the value of Iran’s exports in the said period.
The UAE ($12 billion), China ($10.2 billion), Turkey ($6.6 billion), Germany ($1.4 billion), Russia ($1 billion), India ($900 million), and Hong Kong ($700 million) were the main exporters to Iran during the seven months, the customs chief added.
Rezvanifar further noted that 77% of the total weight and 83% of the value of Iran’s imports during the period came from the mentioned countries.