Page 27 - IRANRptNov21

Iran’s non-oil foreign trade grows 47% y/y to $45bn in 1H of Persian calendar year
Iran non-oil exports up 25% m/m in sixth Persian month
Iran-UAE trade tops $7.3bn in first five Persian calendar months
Iran’s non-oil foreign trade was valued at $45bn in the first half of the Persian calendar year (March 21-September 22), marking growth of 47% y/y, according to the head of the Islamic Republic of Iran Customs Administration (IRICA).
Exports amounted to $21.8bn, up 61% y/y, Mehdi Mirashrafi added.
Iran’s main export destinations were China ($6.5bn), Iraq ($3.8bn), Turkey ($2.3bn), the UAE ($2.2bn) and Afghanistan ($1bn).
The top non-oil exports were liquefied natural gas (LNG), methanol, polyethylene, semi-finished iron products, iron ingots, propane, urea, iron bars and cathodes.
The value of Iran's exports of non-oil goods in the sixth Persian calendar month (August 23-September 22) grew 25% m/m, according to an official of the Islamic Republic of Iran Customs Administration (IRICA) as cited by IRNA on October 11.
Iran has doubled down on its strategy of moving away from an oil-led economy, preferring to specialise in value-added products including liquid natural gas and petroleum.
According to the official, Ruhollah Lotfi, the country's trade deficit in the month to September 22 was $2.35bn. Exports totalled $4.15bn and imports $6.49bn. Lotfi added that the value of exports in the month was up 56% y/y.
The main export destination in the assessed month was Turkey, with goods worth $1.2bn shipped, up fivefold month on month and 69.6% y/y.
In second place was Iraq. Exports rose to $677mn, up 86% m/m and 19% y/y. Shipments to China declined after successive months of growth. Exports reached $668mn, down 56% m/m and flat year on year.
Imports to Iran more than tripled in the sixth Persian month, rising 216% m/m and 107% y/y.
The value of trade between Iran and the United Arab Emirates (UAE) topped $7.3bn in the five Persian months (ended July 22), according to the Islamic Republic of Iran Customs Administration (IRICA).
Trade expanded by 54% in value and 24% in volume year on year, a spokesman for the organisation said.
The big uptick in trade partly occurred given the resumption of trade flows that were last year hindered by coronavirus (COVID-19) restrictions.
Of the trade, the UAE’s exports to Iran reached $5.391bn, up 157% y/y.
UAE enjoys such a major surplus in its trade with Iran in part due to Dubai port’s historical role as a re-export hub for Iran. It allows traders worried about sanctions to avoid specifying Iran as a final destination for goods.
The UAE’s exports to Iran in the five months comprised of mostly agri-food, including dried nuts, fruit and seafood.
Iran’s exports to the UAE grew 23% y/y to $1.912bn.
5.1.3 Gross international reserves
Iran lifts restrictions on carrying cash and gold into country
Iran’s Supreme Council of Economic Coordination (SCEC) has announced an end to the restrictions placed on carrying cash and gold into the country without the need to make a declaration, LIT reported on June 13.
The €10,000 limit has been removed. Flows of cash and gold into Iran have been hindered since the coronavirus crisis brought most global travel to a halt
27 IRAN Country Report November 2021 www.intellinews.com