Iran's revenues from condensate exports take huge fall

Business Materials 14 January 2016 16:16 (UTC +04:00)

Baku, Azerbaijan, Jan. 13

By Umid Niayesh- Trend:

Iran's condensate exports accounted for $5.139 billion during the first eight months of the current Iranian fiscal year (March 21-Nov. 22, 2015), indicating a huge fall by 46 percent, the latest statistics released by Trade Promotion Organization of Iran (TPOI), said.

Tehran exported 12.172 million tons of condensates during the eight months, five percent less year on year. Condensate exports shared 17.3 percent of Iran's total non-oil exports during the period.

Gas condensate, also known as ultra-light oil, shared about one fourth of the country's total non-oil exports the last fiscal year (ended March 2015) and stood at $14 billion. Iran includes this raw oil material in its non-oil export basket.

The value of Iran's industrial exports accounted for $10.983 billion, in the first eight months of the current fiscal year, 12 percent more year on year. Industrial exports shared 37.1 percent of the Islamic Republic's total exports in terms of value.

Iran also exported 18.787 million tons of petrochemical products, worth $10.33 billion during the eight-month period, indicating an increase by 55 percent in terms of volume and nine percent in terms of value respectively year on year.

Petrochemical products shared 34.9 percent of Iran's overall non-oil exports' value in the period.

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, 2015, Iran exported 18.8 million tons of petrochemical products, worth $14.24 billion, which was below the pre-sanctions' period.

The TPOI report indicates that Iran's petrochemical exports during the current year stood at $1.29 billion per month on average, which is higher than the exports value before the West-imposed sanctions term.

The Islamic Republic also exported $2.414 billion worth of agricultural products (17 percent fall year on year) and $573 million worth of mineral products (45 percent fall) in the eight-month period.

Iran's total non-oil exports accounted for $29.632 billion in the first eight month of current fiscal year, 10.5 percent less year on year.