China Still Main Destination for Iran Exports

Spokesman to Iranian Oil, Gas and Petrochemical Products Exporters’ Association says the slump in the oil price has affected Iran’s exports in terms of value, and the lockdown due to the Coronavirus pandemic has worsened the condition.

Hamid Hosseini pointed to the statistics released by the Customs Administration, adding that the statistics show that Iran’s exports in the first month of the current Iranian calendar year (20 March - 19 April) have declined by 39% in terms of weight and 36% in terms of value comparing to the same period last year. He further said the total trade volume of Iran stood as US$3.583 billion in the first month.

He added that China has been the major destination for Iran’s exports in the first month as the value of the exports to China stood at US$523 million which accounted for 32% of the total amount of exports in this month.

Hosseini further said the UAE was the second destination for Iran’s exports as the figure showed US$355 million. He added that the value of exports to the UAE accounts for 21.5% of the total value of exports.

He admitted that exports to Iraq declined in the first month and touched US$259 million as the country slipped in the rankings with one place to the third place. The value of exports to Iraq accounted for 19% of Iran’s total exports last month.

Hosseini noted that Afghanistan was the fourth destination with exports worth of US$125 million and 7.5% value of the total exports. He admitted that the exports to Turkey fell significantly as the total exports to Turkey fell to US$72 million and it ranked fifth. Exports to Turkey account for 4% of Iran’s total exports volume. He said oil and petrochemical products account for one-thirds of Iran’s non-oil exports and the statistics indicate the decline in exports.

Hosseini added that statistics also indicate that the exports to China have also faced 50% decline, adding that actually, the outbreak of the Coronavirus has inflicted heavy blow on oil, gas and petrochemical industry.

He said on the whole, Iran whose major exports are oil and petrochemical products has suffered the most, noting that fortunately the condition has improved in the second month as the price of Iran’s petrol has soared from US$15 to US$25 per barrel. Hosseini added that the rise in the price has encouraged the producers to buy and store them in order to reduce the pressure from the plants. - Iran News