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Iran’s imports from UK increases by 288 percent

Business Materials 4 February 2014 18:37

Baku, Azerbaijan, Feb. 4

By Umid Niayesh - Trend:

Iran has imported some 1.44 million tons of goods, worth $701.43 million from the UK during the first ten months of the current Iranian calendar year (started on March 21, 2013), which indicates an increase of 288.38 percent in volume and 191.97 percent in value compared to the same period of the preceding year.

According to the latest monthly report of the Iranian customs administrations (IRICA), released on Jan. 29, Iran has exported 74,957.8 tons of goods, worth $73.408 million to the UK in the mentioned period. The figures indicate increase of 950.18 percent in terms of volume and 191.31 percent in terms of value compared to the same period of the last Iranian calendar year.

India is another country which Iran's imports from that showed a significant increase during the ten-month period, according to the IRICA`s report. Iran has imported about 2.764 million tons of goods from India accounted for $3.298 billion in the ten-month period which indicate increase of 148.5 percent in weight and 123.3 percent in value respectively compared to the same period of the preceding year.

Iran's exports to India have decreased by 6.5 percent from $2.27 billion in the first ten months of the last Iranian calendar year to $2.12 billion during the same period of the current year.

Iran tries to barter its crude oil for Indian goods to bypass the sanctions which led to a sharp increase in good imports from India. Iran cannot transfer the money from oil sales to the country due to international sanctions which target the Central Bank of Iran as well as its national currency, the Rial.

Currently it is almost impossible for money to flow in and out of Iran via official bank channels.

In May 2013, Iranian media outlets quoted Iranian Trade Promotion Organization deputy director Reza Tofigii as saying Iranian and Indian officials have reached agreement to barter Iranian crude oil for Indian textile machinery.

Edited by C.N.

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