Page 22 - IRANRptDec20

The largest volume of Iran’s foreign trade among the other 11 members of this organisation has been with China, which totalled 17.8mn ($9.5bn).
Exports from Iran to China during the period reached $4.4bn, while the lowest number of exports was to fellow Persian-speaking country Tajikistan with $9.5mn in exports.
Iran imported 5.5mn tonnes of goods from the members of the SCO during the first seven months of 1399 worth $7.1bn.
Out of this figure, China exported the most to Iran at $5.1bn, while Belarus exported $4.11mn during the seven months of 1399.
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’s current account balance likely at -0.5% of GDP in 2020, says IMF
The International Monetary Fund (IMF) estimated in its updated World Economic Outlook in October that ​Iran’s current account balance as a percentage of GDP would likely be at the 1.1%, -0.5% and 0.3% for 2019, 2020 and 2021, respectively​, as a result of the impact of the coronavirus (COVID-19) pandemic.
The IMF estimated that the government held $112bn of foreign assets and reserves in March last year. It also indicated that Iran ran 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.
5.1.2 ​Import/export dynamics
Iran’s exports shrink 19% and imports contract 18% in first eight Persian months
The value of Iran’s exports shrank 19% y/y to $21.5bn while the total worth of is imports contracted 18% y/y to $23.1bn in the first eight months of the current Persian calendar year (started March 20 to November 20), IBENA has reported, citing the Islamic Republic of Iran Customs Administration (IRICA).
Iran’s trade continues to be subject to heavy US sanctions while the coronavirus (COVID-19) crisis has added to severe difficulties.
"Fortunately, the decrease in Iran’s exports is approaching a more normal status and we hope to have a better export situation by the end of the Iranian
22​ IRAN Country Report December 2020 www.intellinews.com