Consumer goods top Iran’s import list

Business Materials 15 October 2017 14:29 (UTC +04:00)

Baku, Azerbaijan, Oct. 15

By Fatih Karimov– Trend:

Import of Iran’s consumer goods registered a huge rise by 72 percent during the first half of the current fiscal year (March 20-Sept. 22) and stood at $5.195 billion. The value was ‎$3.014 billion during the same months of the preceding year‎.

According to a report by Iran’s Customs Administration, about 22 percent of Iran’s imported goods in the 6-month period were consumer goods.

The volume of the imported consumer goods ‎amounted to 2.077 million tons in the 6-month period compared 1.160 million tons in the same period of the preceding year.

Iran imported 17.201 million tons of goods, worth $23.599 billion during the first half of current fiscal year, which indicates 8 percent and 15.4 percent rise in terms of volume and value respectively compared to the same period of preceding year, according to the report.

Car parts worth $1.482 billion (81 percent increase, 6.3 percent of total imports’ value), passenger cars worth $1.197 billion (43 percent increase), rice worth $995 million (109 percent increase), corn fodder worth $806 million (88 percent increase), modems and phones worth $545 million (41 percent increase), medical drugs worth $473 million (5 percent increase), and soybean worth $456 million (9.2 percent fall) were the main imported goods of the Islamic Republic in the 6-month period.

The average price for each ton of Iran's imported goods in the mentioned period was around $1372, indicating a rise of 6.8 percent.

Earlier, certain experts warned about rush of the consumer goods into Iran’s market following the removal of international sanctions in 2016. The issue is more alarming for Iran’s economy given the fact that capital goods shared only 15.2 percent of Iran’s total imports in terms of value and 2.1 percent in terms of volume respectively during the first six months of current fiscal year.

Capital goods are used in producing other goods, rather than being bought by consumers.

The Islamic Republic imported 364,000 tons of capital goods, worth $3.608 billion in the 6-month period. On the other hand, intermediate goods shared 60 percent of Iran’s imported goods in terms of value in the first six months of the current fiscal year.

Intermediate goods are products utilized to produce a final or finished product. These goods are sold between industries for resale or for the production of other goods.

Iran imported 13.932 million tons of intermediate goods, worth $14.166 billion in the first half of the current fiscal year. The volume of the goods was equal to 81 percent of Iran’s total imports’ volume.