Iran increasing its share of Southeast Asian markets

Baku, Azerbaijan, May 2

By Umid Niayesh - Trend:

Iran’s official trade statistics indicate that the country is increasing its non-oil exports to Southeast Asian countries.

Three countries from the region, Thailand, ‎ Indonesia and Vietnam have taken place among the Islamic Republic’s main destinations of non-oil exports in the last fiscal year, which ended March 2018.

According to the latest data released by Trade Promotion Organization of Iran (TPOI) Thailand was ninth destination of Iran’s non-oil commodities ($731 million worth of goods), followed by Indonesia ($645 million).

Iran’s non-oil exports to Thailand increased by 90 percent year-on-year in terms of value, meanwhile Indonesia’s imports from the Islamic Republic registered a significant rise by 273 percent.

According to Mojtaba Mousavian, an official with the TPOI, Iran’s certain exports to Thailand such as iron and steel, as well as fisheries have witnessed a significant increase in the period.

Musavian said that Iran’s fishery exports to the Southeast Asian country increased by 345 percent year on year.

The official believes that Iran has the capacity to take more share from the country’s market in particular in food, agriculture, gold and jewellery as well as auto part sectors.

Vietnam was 17th destination of Iran’s non-oil exports in the one-year period, however the value of the exports witnessed a fall by 10 percent to $364 million.

According to the data released by Tehran Chamber of Commerce, Iran’s exports to Malaysia, Philippine and Myanmar also witnessed increase in the last fiscal year.

Iran exported $205 million worth of non-oils to Malaysia, 136 percent more year-on-year. The Islamic Republic’s exports to Philippine and Myanmar also registered value growth by 118.6 and 28.11 percent, respectively, year-on-year.

Iran’s non oil exports to Philippine and Myanmar accounted to $61.2 million and $60.1 million in the fiscal year to March 2018.

The Islamic Republic further exported $42.7 million worth of goods to Singapore and $17,200 to Cambodia in the 12-month period.

Compared to the preceding year, Iran’s non- oil exports to Singapore decreased by 86 percent. Cambodia’s imports from the Islamic Republic also registered a huge fall by 97 percent.

Iran’s overall non-oil exports including condensates stood at $46.9 billion in last fiscal year, 6.6 percent more year-on-year.

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Follow the author on Twitter: @UmidNiayesh

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