Iran draws import value under non-oil export level

Statistics released on the Iran Custom Administration's Internet portal on May 28 indicates a falling import value under the non-oil export level during last two months.

The country exported $6.137 billion worth of non-oil goods (Iran includes condensate in its non-oil exports category) during the first two months of the Iranian calendar year started on March 20, while imports were at $5.692 billion during same period.

Iranian Supreme Leader Ayatollah Ali Khamenei has called on the government to enforce the 'resistant economy' due to imposed economic sanctions on Iran by western countries.

Comparing the newly released statistics for about the first two months of the Iranian calendar year, with those published by the Customs Administration in May 2012 around the same period, there is an indication of a 32.47 per cent decrease in import value.

Overcoming the export value on imports occurred during the first two months of the current solar year, while Iran had above $2.8 billion dollar negative balance in foreign trade during the same period as in the previous year.

Iran imported $8.251 billion worth goods from March 19, 2011 to May 19, 2011.

Iran's exports also decreased by 1.9 per cent during the first two months of the current solar year compared to the same period in the previous year according to new statistics.

The newly published statistics also show that the country's total exports relied on 28 per cent on petrochemical products and 20 per cent on condensate exports.

Iran exported $1.239 billion worth of condensates and $1.717 billion petrochemical products during the last two months.

The major exported goods are tar ($235 million), methanol ($205 million) and iron ore ($185 million), while the major imported goods are respectively rice ($239 million), oil cake ($328 million) and wheat ($293 million).

Statistics released last month by the Customs Administration also indicate that Iran's total non-oil exports and imports during the first month of the current solar year were $2.497 and $2.037 billion respectively. This means both the imports and exports during second month increased significantly compared to first month of current solar year.

During first month of the solar year, total export and import statistics indicate an 11.1 per cent and 38.99 per cent respective decrease compared to same period in the last solar year.

Iran exported $41.453 billion worth of non-oil goods and imported $53,348 billion worth of non-oil goods during the last solar years.

There has not been any statistics published about Iran's crude oil export since the beginning of the last solar year, but the U.S. Energy Information Administration estimated the country exported $69 billion worth of crude oil and condensate during 2012, indicating a 28.5 per cent decrease compared to 2011.

Petroleum makes up 80 per cent of Iran's total export earnings and 50-60 per cent of the Iranian government's total revenue, according to the Economist Intelligence Unit.