Iran traded a total of $74.1bn worth of goods during the initial eight months of the current Persian calendar year (March 21-November 21), according to the data published by the Islamic Republic of Iran Customs Administration (IRICA), Persian Daily Donyay-e-Eqtesad reported on November 26.

Exports from Iran stood at 90mn tonnes worth $32bn, showing a 27% and 1.6% year-on-year (y/y) growth in weight and value, respectively, according to Minister of Economic Affairs and Finance Ehsan Khandouzi, the ministry’s news portal reported.

Imports amounted to 24.7mn tonnes worth $42.1bn during the same period to register 4% and 12% y/y rises in weight and value, respectively.

The average value of each tonne of goods exported during the period was $355, while the average value of imports was $1,704 per ton.

The statistics indicate that Iran recorded $10.1bn in trade deficit during the period.

Donya-e-Eqtesad report indicated that this is the highest trade deficit registered since March 2019-20.

According to the report, during the eight-month periods of March 2019-20, March 2020-21, March 2021-22 and March 2022-23, Iran’s trade deficits were $1.72bn, $4.55bn, $1.22bn and $4.74bn, respectively.

Khandouzi maintained, however, that Iran has achieved a trade surplus of $10bn by including oil in foreign trade during the period.

According to him, Iran’s non-oil trade deficits are more influenced by external factors in the global economy than domestic parameters.

For example, he said, the global prices of petrochemical products, which are a significant part of Iran’s non-oil exports, have declined by up to 40%.

During the eighth month of the year (October 23-November 22), Iran traded $9.9bn worth of goods with the world countries. Iran’s exports stood at 10.5mn tonnes worth $3.7bn during the month, while imports amounted to 3.8mn tonnes worth $6.1bn. Iran registered $2.4bn in trade deficit during the month.