Iran’s non-oil export to the Persian GCC increased

Business Materials 18 January 2011 11:26 (UTC +04:00)

Azerbaijan, Baku, Jan. 18/ Trend, A.Yusifzade /

Iran's non-oil exports, excluding gas condensates to the Gulf Cooperation Council [GCC] were valued at $2.281 billion during the first 9 months of the current Iranian calendar year (March-December, 2010), showing 25 percent over the same period last year, Trade Promotion Organization of Iran reported quoting director-general for Arab and African affairs at Iran's Trade Promotion Office Seed Hossein Hosseini as saying.

According to Hosseini, Iran's non-oil exports excluding gas condensates were weighting 5.733 million tons in December 2010.

According to a report by the IRI Customs Administration, Iran's non-oil exports, including gas condensates, were valued at $22.483 billion during the first 9 months of the current Iranian calendar year (March-December, 2010), showing 21.59 percent over the same period last year.
The Islamic Republic of Iran has exported above $22 billion of various non-oil products during the last 9 months.

The exports were weighted 50.63 million tons increasing 26.59 percent compared to the same period last year.
Iran's non-oil exports excluding gas condensates were valued at $19.143 billion weighting 45.45 million tons.
During the same period, Iran has imported $47.70 billion of various products. The imports were weighted 33.864 million tons which is 3 percent more than last year.

China had the largest share of the imports of 18 percent. Iraq imported 17 percent and UAE 13 percent.

Gold was the main item imported into the country covering 10 percent of the imports.

The UAE exported 32 percent of the goods imported in Iran and was the main exporter to the Islamic Republic.

China and Germany respectively stood second and third exporters to Iran with a share of 8.5 and 7 percent respectively.

The Gulf Cooperation Council [GCC] was established in an agreement concluded on 25 May 1981 in Riyadh, Saudi Arabia between: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. These countries declared that the GCC is established in view of the special relations between them, their similar political systems based on Islamic beliefs, joint destiny and common objectives.

Iran has extensive trade relations with most GCC member states independently, and in 2008 the organisation agreed to enter into talks on a free trade agreement with Iran.

On the economic front, the GCC's common market came into existence early in 2008. There were plans to adopt a single currency in 2010, but these were later shelved. A customs union was set up in 2003, though by the end of 2010 it was being predicted that this might not be fully implemented for another few years.

GCC countries were among the first to be hit by the global economic downturn of 2008/9, but weathered the storm better than many other parts of the world, as the oil wealth of the region meant that Gulf economies were cushioned by healthy budget surpluses.

Saudi Arabia is the largest Gulf oil producer, Iran a distant second.