Page 17 - IRANRptJul18

5.1.1 current account dynamics
Iran current account, USD mn
2011
2012
2013
2014
2015
2016
2017
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
Current account balance: % of GDP
5.66
10.08
3.87
5.43
3.12
0.32
3.92
Current account: Goods
37,330
67,779
28,563
29,326
21,392
5,354
20,843
Current account: Exports
112,788
145,806
97,296
92,910
86,471
64,597
83,978
Current account: Imports
75,458
78,027
68,734
63,584
65,079
52,419
63,135
Current account: Services
-10,040
-9,771
-7,359
-6,820
-6,985
-4,472
-5,941
Current account: Income
79
93
1,649
2,034
943
241
928
Current account: transfers
185
406
509
565
511
427
558
Capital and financial account
-24,296
40,741
-22,161
-22,510
-8,002
113
/
Errors and omissions
-3,259
-17,766
-1,201
-2,595
-5,635
-1,350
-5,766
Source: CEIC, Central Bank of Iran
5.1.2 Import/export dynamics
Iran’s current account surplus climb to $17bn in 2017
Iran reported a current account surplus of $17bn in 2017, according to government data. Iran’s current account surplus rose to 3.9% of GDP in 2017 from 0.3% in 2016.
The large increase in the current account surplus was thanks to Iran attracting more foreign direct investment last year, mostly in the oil sector. Oil exports have increased significantly due to an increase in oil production.
Iran’s non-oil exports grow 22% in first two months of Persian year
Iran’s exports of non-oil products grew 22% y/y in the first two months of the 2018/2019 Persian calendar year (began March 21), registering a $942mn positive balance, the Islamic Republic of Iran Customs Administration (IRICA) reported on May 28. Exports of various commodities, excepting petrochemicals and gas condensates, grew by 40.54% to $4.391bn, it added. Petrochemical exports alone edged up by 1.19% to reach $2.318bn and gas condensate exports alone moved up 10.54% to $1.29bn, the report also said. Interestingly, the latest figures show that despite the growing political tensions between the United Arab Emirates (UAE) and Iran, the UAE remained the second biggest importer and exporter in relation to the Islamic Republic. Previous figures from Qatar-Iran trade show the country stands far behind that of Persian Gulf rival UAE with less trade. The total value of trade between Iran and Qatar in the previous Persian calendar year increased 137% in the previous Persian calendar year (March 2017-18) hitting $275mn. Meanwhile, Iran’s total trade to Qatar in the last Iranian year stood at $248mn registering a 140% growth.
17 IRAN Country Report July 2018 www.intellinews.com