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Iran posts $1.263bn trade surplus for month to late August

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran’s customs office says exports in the month to late August had amounted to $3.323 billion.

Iran’s customs office (IRICA) has posted a trade surplus of $1.263 billion for the calendar month to August 22 as sales to China accounted for a bulk of the rise in the shipments.

IRICA figures published on Tuesday showed that Iran’s exports in the fifth month of the current calendar year had amounted to $3.323 billion, up 54% against the similar month in 2020.

Iranian overseas shipments had declined by 9% in value terms compared to the month to late July, showed the figures.

China was the top purchaser of the Iranian export shipments over the period as the country imported $1.505 billion worth of goods from Iran, up 20% against the previous month.

Iraq trailed China at $346 million worth of imports from Iran, a decline of 27% against the month to late July while purchases by traders in the United Arab Emirates also declined by 19% to $285 million.

Iran’s exports to Afghanistan, where military fighting led to the rise of the Taliban to power in mid-August, nearly halved to $127 million although the country remained Iran’s fifth largest export destination after Turkey which had $184 million worth of purchases.

IRICA spokesman Rouhollah Latifi said imports into Iran had declined by 26% in value terms compared to August 2020 to a total of $2.055 billion. Import cargoes had dropped by 53% against the month to late July this year, he said.

The UAE, the top re-exporting hub in the Persian Gulf, was the largest exporter to Iran over the period with $711 million worth of shipments, down 53% against the previous month.

China’s sales to Iran fell by 56% against July to $476 million, while Turkish exports into Iran had declined by nearly 40% to $281 million. Shipments from Germany and Switzerland were collectively responsible for nearly $140 million worth of imports into Iran in the month to late August, said Latifi.

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