Iran’s trade balance improves dramatically under Rouhani

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A close examination of Iran’s non-oil trade during Hassan Rouhani’s first presidential term (August 2013-17) shows that the country’s “non-oil trade” deficit has narrowed significantly over the four-year period. years from $ 90. billion dollars under former President Mahmoud Ahmadinejad (2009-13), to $ 9.6 billion under Rouhani.

By non-oil trade (mainly import), the Customs Administration of the Islamic Republic of Iran refers to all trade, excluding crude oil. Petroleum-based products such as gas condensates, liquefied natural gas, liquefied propane, petroleum gases, liquefied hydrocarbons or even light petroleum are classified by IRICA as “non-petroleum”.

Speaking to IRNA, Mohammad Reza Modoudi, deputy director of the Iran Trade Promotion Organization, explained that Iran’s non-oil exports during the Rohani administration’s first term totaled 178 , 75 billion dollars while imports amounted to 188.45 billion dollars.

“The country’s unprecedented non-oil trade balance has experienced a surplus during the last two years of Rouhani’s four-year tenure. This is when Iran’s non-oil exports under the previous government totaled $ 144.947 billion, with imports amounting to $ 234.996 billion, ”he said.

Business partners are coming back

“In 2005-2006, 20 countries in Europe, the region and other parts of the world received 80% of Iranian exports. However, in 2012-13, the number of export destinations fell to 8, ”Modoudi said.

“After the implementation of the nuclear deal under Rouhani, the number of foreign markets increased, so that about 80% of the country’s non-oil products were exported to 15 countries last year, European countries and developed East Asia being among the main markets. “

The nuclear deal, known by its technical name Joint Comprehensive Plan of Action, was signed in July 2015. Its implementation, which marks the official lifting of international sanctions against Iran, began in January 2016.

Data released by the Luxembourg branch of the European Commission, Eurostat, confirms that Iran’s trade with Europe increased after the sanctions.

Iran exported goods worth 2.77 billion euros to the European Union in the first quarter of 2017, registering a six-fold increase from the corresponding period the previous year, Eurostat reported.

Mineral fuels, mineral oils and products such as bituminous substances and mineral waxes accounted for the majority of Iranian exports to the EU during the period, with a total value of 2.5 billion euros. Non-oil exports to the EU, however, remain unimpressive. Fruits and nuts (72 million euros) and plastic products (48.5 million euros) were the other main exports during the period.

Iran imported 2.52 billion euros of raw materials from the European Union during the same period, registering a 56% increase year-on-year. Imports mainly included nuclear reactors, boilers, machinery and mechanical devices and parts for 665 million euros. Next come vehicles and their parts and accessories with $ 245 million and airplanes, spacecraft and their parts with $ 242.6 million.

Italy was Iran’s largest importer in the first quarter among all European states, as it purchased € 807.4 million worth of Iranian goods during the period. France, Spain and Greece followed with respectively 614.6 million euros, 329.6 million euros and 320 million euros of imports.

Germany tops the list of exporters to Iran, shipping € 694.4 million worth of goods to the Islamic Republic in three months. France followed with 461 million euros and Italy with 418.6 million euros.

Sharp increase in industrial and mineral exports

According to Modoudi, Iranian non-oil exports saw an increase of 38% and 3.5% in volume and value respectively in 2016-17 compared to the previous year.

The official said industrial and mineral exports increased significantly during the year, noting that major mineral and industrial exports included copper cathode and concentrate ($ 520 million), cement and clinker ($ 400 million). million dollars), tiles and ceramics (370 million dollars), aluminum and related products. ($ 240 million), lead and zinc ($ 240 million), ornamental stones ($ 120 million), rugs and clothing ($ 1 billion), dairy and related products ($ 630 million), household appliances ($ 580 million), candies, chocolates, cookies and bread ($ 500 million), tomato paste, compote and preserves ($ 400 million), seafood ($ 320 million), industrial machinery and equipment ( $ 270 million), detergents ($ 220 million), wires and cables ($ 160 million) and human medicine ($ 130 million).

Iran’s exports of base oil and petrochemicals also increased 12% year-on-year, according to Modoudi.

“Last year some 500 billion rials ($ 13.1 million) were paid to Iranian exporters as an export incentive,” he said.

According to IRICA, Iran’s non-oil foreign trade amounted to $ 87 billion in the last Iranian year. Exports, including petroleum products, amounted to $ 43.93 billion. Imports amounted to $ 43.684 billion, growing 5.16% year-on-year. Field corn, soybeans, cars, auto parts and rice were Iran’s main imports during the period.

China remained Iran’s largest trading partner, importing 37.7 million tonnes of goods worth $ 8.177 billion and exporting $ 10.73 billion worth of goods to Iran.


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