Page 27 - IRANRptOct22

5.1.2 Import/export dynamics
Iran, EEU trade up 30% y/y in first five Persian months
Iran’s non-oil exports up 13% y/y to $24bn in Persian half-year
Iran-Turkmenistan 1H22 trade $233mn versus $227mn in full year 2021
Iran and the Moscow-led Eurasian Economic Union (EEU) traded $1.32bn of non-oil goods during the first five months of the Persian calendar year (March 21-August 22), marking a 30% y/y expansion, according to the head of the Islamic Republic of Iran Customs Administration (IRICA), as cited by official news agency IRNA.
“Iran’s export reached $522.14 million, indicating a 15% year-on-year rise while imports hit $804.25 million, showing a 43% rise,” Alireza Moqaddesi was quoted as saying.
Of the EEU states, Russia was Iran’s biggest export destination during the reported period, taking $291.23mn of Iranian goods. Next were Armenia ($144.1mn), Kazakhstan ($61.2mn), Kyrgyzstan $18.42mn and Belarus ($7.18mn).
Analysts are watching the Iran/Russia trade data closely. Since Russia was hit by a heavy economic backlash from the West in response to its invasion of Ukraine, Moscow has been looking reorientate trade and investment East and South. Iran could play a major role in that reorientation, partly because it is crucial to trade routes that connect Russia to other markets for trade, including India via Persian Gulf and Indian Ocean ports on the Iranian coastline.
Iran runs a preferential trade agreement with the member states of the EEU and has expressed its intention to eventually join the trade bloc.
Iran’s non-oil exports rose 13.3% y/y in value to $24.25bn during the first half of the Persian calendar year (March 21-September 22), according to the Islamic Republic of Iran Customs Administration (IRICA).
The customs authority listed Liquefied propane, methanol, liquefied butane, liquefied natural gas (LNG) and film-grade polyethylene as the main shipments, accounting for 25.6% of the export value.
China was the top recipient of goods at $7.84bn. Other big importers were Iraq ($3.38bn), United Arab Emirates ($3.11bn), Turkey ($2.63bn) and India ($904mn).
Iran’s imports of non-oil goods produced a value of $26.31bn in the six-month period, up 13.15% y/y.
The top five imports were rice, wheat, maize, soybeans and mobile phones. These goods accounted for 20.63% of the total import value.
The United Arab Emirates was the top exporter at $7.21bn. Next were China ($6.84bn), Turkey ($2.68bn), India ($1.38bn) and Russia ($876mn).
Iran’s 1H22 trade with Turkmenistan amounted to $233mn, exceeding the figure of $227mn recorded for all of 2021, Iranian Ambassador to Turkmenistan Gholam Abbas Arbab Khales told the official IRNA news agency on August 29.
The Islamic Republic has in the past year under a new government stepped up its efforts to boost economic relations and trade with regional countries. The country’s trade with neighbouring states including neighbouring Turkmenistan also expanded substantially last year.
Turkmen President Serdar Berdimuhamedov visited Tehran in June.
Lately, Turkmenistan officially declared its Turkmenbashi port on the Caspian Sea part of the International North-South Transport Corridor (INSTC), which links Russia and Central Asia with Iran’s Persian Gulf and Sea of Oman (Indian Ocean) ports, with the latter offering maritime trade connections with India.
27 IRAN Country Report October 2022 www.intellinews.com