Page 19 - IRANRptFeb19

TankerTrackers sees Iran’s oil exports 60% down from peak under sanctions pressure
Iran largest importer of Uzbek cotton in 2018
Bilateral trade between Iran and Turkmenistan falls 7% y/y to $312mn in 10-month period
minister, who now serves as an advisor in that field, said that the import bans applied to a wide variety of items including cars, vans, tractors, powdered milk, bras, cookers, cameras and even musical instruments. Fast moving consumer goods (FMCG) such as teabags, ketchup, soap and even pencils are also on the list.
“Imports of some goods will be restricted by increasing customs duties while certain other goods will be altogether banned as imports,” a senior government official was quoted as saying by IRNA at the time the list of banned import items was released.
Iran’s crude oil exports were 60% down in December compared to the April peak of last year as buyers cut purchases due to US energy sanctions aimed at Tehran, TankerTrackers.com reported on January 15. The volume of crude oil exports still being achieved by Iran is a topic of hot debate among oil watchers, with the Iranian is often accused of massaging its figures.
TankerTrackers, based in Europe, is a new technology company that tracks individual tankers via satellite technology from loading to destination. According to its statistics, Iran exported 1.1mn b/d in December, down from April’s 2.5mn b/d.
Observers say some exports of Iranian oil may be going under the radar, sometimes because smugglers are tapping into oil purchase deals arranged through Iran’s relaunched energy bourse.
With the Brent oil price lately stabilising at around $60 per barrel, Iran has continued to offer large discounts to buyers if they purchase in bulk. However there is fierce competition with other producers chasing bargain-hunting buyers.
Iran was the largest importer of Uzbek cotton fibre in 2018, Podrobno.uz has reported citing data from the Uzbek State Statistics Committee. Trade between Iran and Uzbekistan continues to grow, despite hurdles in international banking related to sanctions on Tehran. However, payments for the cotton were likely facilitated by the sole Uzbek branch of Iran’s Bank Saderat.
In total last year, 59,900 tonnes of Uzbek cotton fibre was reportedly exported for $115.7mn to Iran. Second place went to China with 37,900 tonnes at $71mn and third went to Bangladesh with 9,100 tonnes at $18.5mn.
Bilateral trade between Iran and Turkmenistan reached a value of $312mn in the first 10 months of the current Persian calendar year marking a 7% y/y drop, according to latest data from Iran’s customs administration. Both Tehran and Ashgabat are facing economic turmoil. Iran and Turkmenistan are also in the same boat when it comes to greatly cutting down on imports to shore up their currencies and economies. Iran’s economy is essentially under a sanctions-led attack from the US. Turkmenistan fell into economic difficulty when it lost Russia as a gas customer three years ago while also feeling the hard effects of a decline in world hydrocarbon prices. Its budget is still feeling the effects and measures such as passport-based bread rationing have even been in evidence in the remote nation.
The Islamic Republic of Iran Customs Administration (IRICA) said that during the 10-month period to January 20 Iran exported $305mn worth of goods to its northern neighbour, while the former Soviet republic exported items valued at $7mn to Iran.
Turkmenistan is the 13th largest target market for Iranian goods. Iran also ranks with China, Russia and Turkey among the top exporters to
19 IRAN Country Report February 2019 www.intellinews.com