Iran witnesses trade balance fall by over 400% Y/Y
Baku, Azerbaijan, Dec. 24
By Fatih Karimov – Trend:
The latest official statistics indicate that Iran has exported $28.488 billion worth of non-oil goods (including gas condensates) during the first eight months of the current fiscal year (March 20-Nov. 22), which is equal to 81 percent of targeted figure for the period ($35.333 billion).
The Islamic Republic has increased its export target by $3 billion for the current fiscal year (March 20, 2017-2018) to $53 billion, despite the fact that the country’s non-oil exports stood at $43.93 billion in the one-year period to March 2017.
Iran’s non-oil exports registered a fall by 1.2 percent in terms of value, year-on-year during the 8-month period to Nov. 22, meanwhile the figure in the last fiscal year, the first year after removal of the international sanctions witnessed a growth by 5.7 percent thanks to huge increase in exports of minerals (37 percent) and gas condensates (47 percent).
Iran’s annual target of $53 billion worth of non-oil exports has materialized by 54 percent during the first eight months of the current fiscal year, according to a report from the Islamic Republic’s Trade Promotion Organization (TPOI).
Raw materials share the dominant part of Iran’s non-oil export basket. Gas condensates, propane, butane and some other raw petroleum products - which Iran puts in the non-oil exports basket - made the country’s top exported goods during the 8-month period.
During the period, the country had exported $4.586 billion worth of condensate (2.5 percent less, year on year).
Liquefied propane (worth $897 million, 15 percent increase), gasoline excluded light oils and products (worth $764 million, 44 percent fall), methanol (worth $752 million, 25 percent increase),film grade polyethylene (worth $750 million, 23percent increase), iron ore(worth $665 million, 48 percent increase), liquefied butane ($582 million, 14 percent increase), semi-completed iron and steel products (worth $564 million, 506 percent increase), ethylene glycol($564 million, 109 percent year-on-year increase) and pistachio($496 million, 19 percent fall) where other top exported goods in the 8-month period (March 20-Nov. 22).
As seen all of Iran’s top exports are raw materials or semi-processed oil and mineral products.
Iran’s trade balance during the 8-month period witnessed a fall by 414 percent and became negative (-$3.931 billion), after experiencing a positive balance previous year.
After the international sanctions against Tehran removed in 2016, the Iranian administration decided to improve the non-oil export target to $50 billion (including gas condensate) in the fiscal year to March 2017, meanwhile the target materialized by 88 percent.