Petrochemicals’ share in Iranian non-oil exports rises

Petrochemicals’ share in Iranian non-oil exports rises

Baku, Azerbaijan, Oct. 4

By Umid Niayesh - Trend:

Iran's petrochemical products export accounted for $7.128 billion during the first half of current Iranian fiscal year (March 21-Sept. 22), almost unchanged compared to the same period of preceding year, Iranian Customs Administration said in its latest monthly report, released Oct. 4.

The value of Iran's petrochemical product exports before the West-imposed sanctions (2011) was some $1.25 billion per month on average, but decreased significantly afterwards.

However, after reaching an interim nuclear deal in November 2013 and eliminations of petrochemical-related sanctions on the country, Iran increased the petrochemicals export.

During the last fiscal year that ended March 20, Iran exported 18.8 million tons of petrochemical products, worth $14.241 billion, which was below the pre-sanctions' period.

The customs administration report indicates that Iran's petrochemical exports during the current year stood at $1.19 billion per month on average, which is still behind the exports before the West-imposed sanctions term.

Iran exported 12.195 million tons of petrochemical products during the first half of current fiscal year, indicating an increase by 35.7 percent year on year.

Petrochemical products share 34.8 percent of Iran's overall non-oil exports' value (including the gas condensates) during the six-month period, while the figure was 29.9 percent in the same period last year.

Iran's total non-oil exports accounted for $20.5 billion in the first half of current fiscal year, 14.1 percent less year on year.

The condensate exports also witnessed a huge decrease by 40.1 percent and accounted for $4.03 billion in the period.

Tehran exported 9.24 million tons of condensates during the six months, 2.4 percent less year on year.

Condensate exports shared 19.7 percent of Iran's total non-oil exports in the period, while the figure stood at 28.1 percent in the same months of last year.

Gas condensate, also known as ultra-light oil, shared about one fourth of the country's total non-oil exports in last fiscal year and stood at $14 billion. Iran includes this raw oil material in its non-oil export basket.

On the other hand, petroleum gases' and other gaseous liquefied hydrocarbons' export experienced a huge increase, about 353 percent in value to $1.185 billion. Tehran exported 1.368 million tons of petroleum gases and other gaseous liquefied hydrocarbons in the period, or 388 percent more year on year.

Iran's liquefied propane and butane exports decreased by 23.8 percent and 34 percent respectively to $815 million and $505 million in terms of value in the six-month period.

Meanwhile the volume of the two mentioned exports increased by 43 percent for propane and 19.8 percent for butane and stood at 1.604 million and 962,000 tons respectively during the period.

Iran experienced negative non-oil trade balance (excluding condensate) for the first six months of current Iranian fiscal year as the figure stood at $4.384 billion.

The Islamic Republic imported about $20.85 billion worth of goods during the period, which indicates a fall by 20.4 percent in value year on year.


Umid Niayesh is Trend Agency's staff journalist, follow him on Twitter: @UmidNiayesh

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