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Iran posts trade deficit of $1.5bn for June quarter

Iranian customs figures show the country had a trade deficit of $1.5 billion in the quarter to late June.

Figures by the Iranian customs office (IRICA) show the country had a trade deficit of $1.5 billion in the quarter to June 21.

IRICA figures cited in a Monday report by the official IRNA news agency showed that Iran had exported a total of $12.5 billion worth of commodities excluding crude oil, mazut, kerosene and goods carried by passengers in the three months to late June.

The figure was a fall of 8.84% compared with April-June 2022, said the report, adding that shipments had risen by 24.42% in volume terms to 35.5 million metric tons (mt) over the same period.

The report said imports into Iran reached 8.6 million mt worth $14 billion in the June quarter, down 1% and 5.79% in volume and value terms, respectively, from the same quarter last year.

It said a main reason for drop in Iranian non-oil exports was declining prices of some key export commodities, including petrochemicals.

Iranian petrochemical exports revenues fell by 18% in April-June despite the fact that shipments had increased by 16% in volume terms over the same period, said the report.  

China remained the largest buyer of Iranian exports in the June quarter with some $3.5 billion worth of purchases, followed by Iraq at $2.3 billion and Turkey at $1.7 billion, showed IRICA figures which indicated that exports to the United Arab Emirates (UAE) and India had reached $1.3 billion and $0.489 billion, respectively, over the same quarter.  

The figures showed that UAE, a major regional re-exporting hub, had been the largest supplier of commodities to Iran in the three months to late June with some $4.1 billion worth of exports, followed by China at $4 billion and Turkey at $1.5 billion.

Imports from Germany and India to Iran topped $0.548 billion and $0.501 billion, respectively, in April-June, according to the Iranian customs figures.

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