Intermediate goods make 63% of Iran’s imports
Baku, Azerbaijan, June 27
By Umid Niayesh - Trend:
The Islamic Republic has increased its non-oil export target to $54.9 billion for the current fiscal year, which falls on March 2018-2019.
The target for the preceding fiscal year (March 2017-2018) was $53 billion ($3 billion more compared to the previous fiscal year), which materialized by 88.5 percent or $46.93 billion.
The Islamic Republic was forced to gradually revise its non-oil export target after the international sanctions against Tehran intensified in 2012.
The target for the fiscal year falling to March, 2012-2013 (1391) was set at $51 billion (excluding gas condensates), which was materialized by 64 percent.
In the following year (2013-2014), when the target was revised to $41 billion, the country’s non-oil exports (excluding condensates) reached $31 billion, equal to 77 percent of the targeted plan.
The Iranian administration decreased the target to $40 billion (excluding condensates) and $35 billion (excluding condensates) in succeeding fiscal years ( 2014-2015 and 2015-2016), with a 90 percent and 102 percent realization rate.
After the international sanctions against Tehran were 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 had materialized by 88 percent.
The latest official statistics indicate that Iran has exported $7.7 billion worth of non-oil goods (including gas condensates) during the first two months of the current fiscal year (March 20 – May 21), which is equal to 84 percent of targeted figure for the period.
Iran’s non-oil exports registered a rise by 22 percent in terms of value, year-on-year during the 2-month period, according to a report from the Islamic Republic’s Trade Promotion Organization (TPOI).
The volume of exports amounted to 18.77 million tons in the period, 5 percent more compared to the preceding year.
Iran’s non-oil trade balance during the 2-month period of the current fiscal year witnessed a rise by 326 percent and became 942 million, after experiencing a negative balance previous year.
Iran also imported $6.797 billion worth of goods in the 2-month period, 0.5 percent more year-on-year.
Over 63.5 percent of the imported commodities were intermediate goods, meanwhile consumer goods shared 15.3 percent of the imports in terms of value.
Capital goods shared 15.4 percent of Iran’s imports in the period.