Iran’s trade balance experiences $7.3 bln deficit in 1Q
Baku, Azerbaijan, May 5
By Umid Niayesh - Trend:
Iran's non-oil goods trade balance (excluding gas condensates), faced a $7.313 billion deficit in the first quarter of 2014, compared to $4.542 billion in the same period of 2013.
The country's imports accounted for 65.78 percent of its total non-oil trade during the period, according to the Iranian Custom Administration's latest monthly report released on May 5.
Iran imported 10.782 million tonnes of goods, worth $15.245 billion in the three-month period which indicate an increase of 19.39 percent in terms of volume and 25.3 percent in terms of value respectively compared to the same period of 2013.
The country also exported $7.932 billion worth of non-oil goods in the period, 4 percent more than the first quarter of the 2013.
Iran's trade balance with 76 countries was positive, while with 82 countries it was negative.
Iran had the highest positive trade balance with Iraq, Afghanistan, Egypt, Turkmenistan, and Pakistan, while it registered the highest negative trade balance with the United Arab Emirates, South Korea, China, India and Germany.
China, Iraq, the UAE and Afghanistan were the four top importers of Iranian goods during the mentioned period. The countries imported $2.227 billion, $1.406 billion, $913 million and $505 million worth of Iranian goods, respectively.
Meanwhile, the UAE, China, India and Turkey were the leading exporters of goods to Iran. The countries exported $3.746 billion, $3.083 billion, $1.269 billion and $1.042 billion worth of goods to Iran.
Iron ore worth $510 million, liquefied propane worth $466 million, oil tar worth $344 million were the main exported goods, while corn fodder worth $588 million, motor vehicles with internal combustion engine worth $578 million, and soybean meal worth $546 million were the main imported goods.