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    overall imports last year. Much of the trade is conducted by private Iraqi companies said to have limited exposure in and to the US, and its financial system, and therefore not overly anxious about being sanctioned.
On November 21, Iran announced that ​smuggled goods with a value of at least $12bn​ flowed into and out of Iran during the 2017/2018 Persian calendar year (ended March 21).
 5.1.1 ​current account dynamics
   Iran current account, USD mn
  2011
     2012
 2013
     2014
   2015
   2016
 2017
    2018
   Balance of payments overall
   -947
      21,436
 12,213
      13,189
    8,561
    2,233
         Current account balance
   27,554
      58,507
 23,362
      25,105
    15,861
    1,237
 16,388
     15,816
 Current account balance: % of GDP
  5.66
  10.08
   3.87
    5.43
     3.12
      0.32
    3.92
     Total Exports
 130,500
    95,500
82,000
    88,800
 63,000
       Total Imports
   62,661
      59,999
 51,914
      48,138
    52,007
    40,097
 41,945
     54,459
 Trade Balance
  68,692
  42,049
  32,291
   35,231
    20,5000
           Source: CEIC, Central Bank of Iran
    Iran running a current account surplus and has over $100bn of gross official reserves in 2019, says IMF
   The International Monetary Fund (IMF) estimated that the government held $112bn of foreign assets and reserves in March last year. It also indicated that Iran was running a current account surplus.​ The figures imply that Iran might withstand the sanctions without an external payments crisis.
But the IMF also noted that Tehran was having difficulty accessing some of its reserves as its relations with foreign banks were constrained by the threat of US sanctions. Meanwhile, sanctions could cut the current account surplus sharply given the severe disruption they are causing to trade.
The IMF estimated in its World Economic Outlook released last October that Iran’s current account surplus would see a decline from 2.2% of GDP in 2017 to 1.3% in 2018 and 0.3% in 2019.
 5.1.2 ​Import/export dynamics
    Trade between Iran and Turkey sinks 57% in January
   Iran’s bilateral trade with Turkey officially declined by 57.23% y/y to $335.7mn (at the unofficial exchange rate) in January, Tehran’s ​Financial Tribune​ has reported, citing Turkish Statistical Institute (TUIK) data.
Iran exported $118.47mn worth of goods to Turkey, marking a 78.94% y/y decline, while Turkey exported $217.23mn of goods to Iran, a figure that was down 2.25% y/y, according to the Turkish agency.
Iran was recorded as the 18th biggest export destination for Turkey and the 32nd biggest exporter of goods to Turkey in January.
The extent of the impact of US sanctions on trade between Turkey and Iran is unknown but must be substantial. In January last year, the US was yet to adopt its policy of attempting to drive all Iranian oil exports off world markets. Turkey, short of its own energy resources, has long been a customer for oil from its neighbour.
 18​ IRAN Country Report April 2020 www.intellinews.com
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