Page 17 - IRANRptApr19

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
Iran records positive 11-month trade balance despite US sanctions assault
Iran’s trade with CIS rises 28% y/y in first 10 months of Persian year
Iranian minister urges China to trade in local currencies
Iran’s non-oil trade balance remained positive in the first 11 months of the Persian year (ending February 22) despite efforts by the US to choke off the country’s international trade flows with sanctions, Mehr News Agency cited the Islamic Republic of Iran Customs Administration (IRICA) as saying on March 14.
The trade surplus was officially recorded at $1.577bn.
Iran exported 105.9mn tonnes of non-oil goods worth approximately $40bn in the stated period. The value of the goods fell 0.74% y/y while the tonnage decreased 6.36% y/y.
Also in the 11-month period, 28.92mn tonnes of items worth $38.5bn were imported into Iran.
Gas condensates were registered as the main export. Some $3.93bn of gas condensates were exported.
The figures were calculated using the government’s official and preferential exchange rate of IRR42,000 to the USD, which is available only to selected businesses. The unofficial rate stood at IRR133,000 by the market close on March 14.
Iran traded 4.31mn tonnes of non-oil goods worth $2.24bn with Commonwealth of Independent States nations during the first 10 months of the 2018/2019 Persian calendar year (the year ends on March 20), according to the Islamic Republic of Iran Customs Administration (IRICA).
Tonnage was up 47.31% y/y while value rose 27.97% y/y, it added.
Imports to Iran stood at 1.87mn tonnes worth $1.22bn—up 36.35% y/y and 59.13% y/y in tonnage and value, respectively—while exports from Iran came to 2.43mn tonnes worth $1.01bn—up 57% y/y and 3.51% y/y, respectively Items traded with the CIS included liquid natural gas, pistachios, apples, tomatoes and cement, while imports included nuclear power plant parts, barley sunflower oil and field and unprocessed lamb.
Imports from Russia outweighed those of the other CIS countries by a factor of five to one, hitting 1.55mn tonnes of goods worth $1.03bn—up 40.35% y/y and 75.13% y/y in tonnage and value, respectively.
Azerbaijan was Iran’s second biggest CIS trading partner. Iran exported 706,608 tonnes of goods worth $340.36mn to its northern neighbour—up 25.30% y/y and 36.63% y/y in weight and value, respectively. Exports to Azerbaijan from Iran plummeted to 40,948 tonnes worth $12.29mn. The respective y/y declines in tonnage and value were 20.59% and 9.12%.
Iranian Minister of Economic Affairs and Finance Farhad Dejpasand has said Iran and China are negotiating the use of local currencies for direct trade transactions, Mehr News Agency reported.
In the face of US sanctions aimed at Tehran, China has struggled to keep its trading channels open with Iran despite previous assurances that it would allow an earmarked bank to arrange the required transactions.
“We have several programs for developing economic relations between the two countries, which will be discussed at a meeting of the joint commission,”
17 IRAN Country Report April 2019 www.intellinews.com