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Iran reports 8.5% drop in non-oil exports in Mar-Aug

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 non-oil exports dropped by 8.5% year on year in March-August to reach $19.3 billion.

Figures by Iran’s customs office (IRICA) show exports from the country fell by 8.5% in the five months to August 22 amid a decline in international prices of petrochemicals.

IRICA figures published on Tuesday showed that non-oil exports from Iran had reached $19.3 billion in March-August. 

The figures showed that shipments had risen by 26.56% in volume terms over the same period.

China was the largest customer of Iranian export commodities in the five months to late August with $5.6 billion worth of purchases, followed by Iraq at $3.5 billion and the United Arab Emirates at $2.3 billion, said IRICA, adding that the three countries along with Turkey and India had been responsible for nearly 75% of all purchases.

A report by the official IRNA said falling international prices of petrochemical products, which account for a major part of Iranian non-oil exports, had caused a decline in the value of Iranian shipments over March-August compared to the same period last year.

IRICA figures showed that imports into Iran had risen by 7.49% year on year in the five months to late August to reach $24.2 billion.

It said the largest exporters to Iran over the period had been the UAE with $7.3 billion worth of supplies, followed by China at $7.1 billion and Turkey at $2.5 billion.

IRICA said imports from Germany and India had reached $879 million and $813 million, respectively, over March-August.

Iran has maintained strong trade ties with the rest of the world in recent years despite facing restrictions because of US sanctions.

IRICA figures show that exports from Iran reached a multi-decade record of over $53 billion in the calendar year to late March.

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