Iran customs revenues hit $1.87 billion

Iran Materials 1 September 2014 14:46 (UTC +04:00)

Tehran, Iran, Sept. 1

By Milad Fashtami - Trend:

Iran's customs revenues reached 58 trillion rials (some $1.8 billion based on the exchange rate of USD at the free market) in the first five months of the current Iranian calendar year (March 21 - August 22).

Head of Iran Customs Administration Masoud Karbasian said on September 1 that some 28 trillion rials of the mentioned amount was accepted as LCs (letter of credit), Iran's Fars News Agency reported.

A letter of credit is a document issued by a financial institution, or a similar party, assuring payment to a seller of goods or services provided certain documents have been presented to the bank.

Karbasian went on to note that the Customs Administration's total revenues in the previous calendar year (ended March 20) were around 21 trillion rials.

"Iran imported 48,000 cars in the first five months of current year," Karbasian said.

Based on the latest report released by Iran Customs Administration, the country exported $35.170 million tons of goods worth $13.692 billion in the first five months of 2014.

The average price for each one ton of Iran's non-oil goods in the mentioned period was around $389, which is 5.83 percent less than previous year.

China was the main destination for exported items.

The country imported 16.384 million tons of non-oil goods worth $3.783 billion from Iran in the mentioned five-month period.

Iraq, The United Arab Emirates, Afghanistan, and Turkey were the other main destinations for Iranian goods.

Tehran also imported 17.745 million tons of goods worth $24.127 billion in the mentioned period.

The trade balance of Iran in the first five months of 2014 stood at negative $10.435 billion.

Iran's trade balance with 79 countries was positive. Iraq with $2.486 billion, Afghanistan with $930 million, Turkmenistan with $284 million, Egypt with $273 million, and Pakistan with $227 million were the top countries in this category.

Tehran's trade balance with 89 countries was also negative in the first five months of current year - The United Arab Emirates with $4.75 billion, South Korea with $1.5 billion, India with $1.25 billion, China with $1.21 billion, and Germany with $932 million were the main countries on the list.

According to Iran Customs Administration, the country's total non-oil exports to foreign countries (excluding gas condensates) stood at $31.332 billion in previous year (which ended on March 20), while the country's total imports amounted to $50.818 billion.

The figures mark annual trade balance of negative $19.486 billion for Iran.

Iran's annual trade turnover is projected to reach $160 billion by the end of the fifth five-year development plan (March 2016).