Iran posts $14.6bn trade deficit for calendar year to late March
The Iranian customs office (IRICA) has posted a trade deficit of $14.6 billion for the calendar year to March 20 amid a significant surge in gold imports into the country.
IRICA figures released on Sunday showed that Iran had exported some 152 million metric tons (mt) worth $57.8 billion of goods and commodities in the calendar year to late March, up 10% and 15.62% in volume and value terms, respectively, from the previous calendar year.
The figures showed that Iran’s imports had reached 39.3 million mt worth $72.4 billion in the past calendar year, down 0.77% in volume terms but up 8.22% in value terms compared to the year to March 2024.
Iran’s main export items in the year to late March included natural gas, liquefied propane, liquefied butane and methanol, the data showed.
China was the largest buyer of Iranian exports in the past calendar year with $14.8 billion worth of purchases, followed by Iraq at $11.9 billion and the United Arab Emirates (UAE) at $7.2 billion, IRICA said, adding that exports to Turkey and reached $6.8 billion while shipments to Pakistan and Afghanistan had each generated $2.4 billion.
The customs office said gold had accounted for more than $8 billion worth of imports into Iran in the year to late March while animal feed, rice, cooking oil, and mobile phones were the country’s other major import items.
The UAE, the main re-exporting hub in the Persian Gulf, was the largest supplier of goods and commodities to Iran in the past calendar year with $21.9 billion worth of exports, followed by China at $19.3 billion and Turkey at $12.4 billion
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