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Three countries from the region, Thailand, ‎ Indonesia and Vietnam were among the Islamic Republic's main destinations of non-oil exports in the year which ended on March 20, 2018.

According to Iran's Trade Promotion Organization (TPO), Thailand ranked ninth among the top export destinations for Iran's non-oil commodities (taking in goods worth $731 million) followed by Indonesia ($645 million).

Iran's non-oil exports to Thailand went up by 90 percent year-on-year in terms of value, while Indonesia's imports from the Islamic Republic registered a significant growth of 273 percent.

According to Mojtaba Mousavian, the deputy head of TPO, exports of certain goods to Thailand such as iron and steel, as well as fisheries increased significantly during the period.

Mousavian said that Iran's fishery exports to the Southeast Asian country increased by 345 percent year-on-year.

The official believed that Iran has the capacity to take a greater share of the country's market in particular in for foodstuff, agro products, gold and jewelry as well as auto part sectors.

Vietnam was 17th destination of Iran's non-oil exports in the one-year period, however the value of the exports witnessed a decline of 10 percent to $364 million.

According to Tehran Chamber of Commerce figures, Iran's exports to Malaysia, the Philippines and Myanmar also witnessed an increase in the last fiscal year.

Iran exported non-oil products valued at $205 million to Malaysia which is 136 percent more year-on-year. The Islamic Republic's exports to the Philippines and Myanmar also registered growths in value by 118.6 and 28.11 percent, respectively, year-on-year.

Iran's non-oil exports to the Philippines and Myanmar amounted to $61.2 million and $60.1 million in the year to March 2018.

The Islamic Republic exported goods worth $42.7 million to Singapore and $17,200 to Cambodia in the 12-month period.

Compared to the preceding year, Iran's non-oil exports to Singapore decreased by 86 percent. Cambodia's imports from the Islamic Republic also registered a huge fall of 97 percent.

Iran's overall non-oil exports, including condensates, stood at $46.9 billion in the last fiscal year — 6.6 percent more year-on-year.

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Mehdi Karbasian, who also heads Iran's Mines and Mining Industries Development and Renovation Organization (IMIDRO) added that although exports in the steel sector were expected to amount to eight million tons in this period, the figure stood at 9.5 million tons, which has high value added.

He listed the sector's new export destinations as Canada, Mexico and Central Asian countries.

The deputy minister said in the 12-month period to March 20, 2018, Iran exported 740,000 tons of sponge iron and 18 million tons of concentrates.

He noted that in the same period, projects worth close to $2 billion were inaugurated by the organization and its affiliated companies.

Karbasian added that in the year to mid-March 2018, the domestic mining sector recorded growths of 18 percent, 22 percent, 14 percent, 20 percent, 6 percent and 2 percent in the production of concentrates, iron pellet, sponge iron, steel billet, copper concentrate and alumina powder respectively.

Commenting on accomplishments in the field of exploration, he said the sector identified more than 180 square kilometers of new mining areas, the development and exploitation of which are about to be handed over to the private sector.

Karbasian noted that by March 2018, new gold, iron ore, coal and bauxite reserves were discovered in Iran, adding Iran's bauxite production capacity is currently twice as high as the figure for two years ago.

He said close to $6 billion worth of new mining and mining industries projects are expected to be inaugurated in the year to mid-March 2019 among which are steel, pellet, concentrate and aluminum production plans.

Iran has more than 10,000 mines, of which 60,000 are operating and the rest are either inactive or being equipped.

Iran's mines 400 million tons of minerals annually, of which 60 percent are construction materials.

During March 2017-January 2018, Iran exported more than 53.3 million tons of minerals and mining industries products valued at $7.5 billion.

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Head of Industry, Mine and Trade Department of North Khorasan Province Yahya Nikdel said, on Monday, that the weight of the goods exported during the year reached 532,000 tons.

The goods were exported to Afghanistan, Turkmenistan, Iraq, Tajikistan, Azerbaijan, Turkey, India, Germany, the UAE, Russia and Bulgaria, he said adding that 35 percent of the products were exported to Afghanistan.

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Most of the oil refined in Polish refineries comes via pipelines from Russia, but state-run PKN Orlen and Lotos are increasingly buying from other sources, including Iran and the United States, Reuters reported.

“Delivery from Iran has become a fact. Oil from the Middle East gives us many opportunities. First of all, it enables diversification of delivery directions and increases the energy security of the state,” PKN said in a statement.

The Iranian oil, which is lighter than the Russian crude and contains less sulfur, will be refined at PKN’s plant at Plock, northwest of Warsaw. PKN said that earlier tests of the Iranian oil “confirmed its significant potential”.

It took a month for the Delta Kanaris tanker to transport the Iranian cargo from the Kharg Island to Gdansk.

The average daily crude oil export during the last Iranian year (ended on March 20) increased by 60,000 barrels compared to its proceeding year, bringing the total exports of oil and gas condensate to 2.6 million barrels per day at some points.

China, India, South Korea, Japan, Turkey, Italy, Greece, Russia, France, Spain, Romania, Indonesia, Poland and the Netherlands were among the country’s oil buyers last year.

However, due to some maintenance issues and the inauguration of the Persian Gulf Star Gas Refinery, which consumed about 120 million barrels of gas condensates per day, the export of this product diminished accordingly so that the exports decreased in October and the following months.

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Roshan Nouria Ghadyev, who was addressing Iran-Turkmenistan Trade Conference held concurrent with the 14th Iran Exclusive Exhibition in Ashgabat on Friday, added that official statistics indicate Iran-Turkmenistan trade exchanges exceeded one billion dollars in 2017 while Turkmenistan's exports to Iran doubled compared to its imports from the Islamic Republic.

The Turkmen official further said that Iran is among the top ten target countries for Turkmenistan's exports.

Turkmenistan mainly imports metals, plastic goods, potato and fruits from Iran while it exports electricity, sulfur, cotton, textiles and natural gas to Iran, he said.

Noting that Iran-Turkmenistan partnership was mutually beneficial, he said that Iran was among the first states which recognized Turkmenistan's independence.

Meanwhile, President of Turkmenistan Gurbanguly Berdimuhamedov received Iran's Minister of Industry, Mine and Trade Mohammad Shariatmadari.

In the meeting, Berdimuhamedov underlined the potential for expanding productive partnership, based on the experience of long-term cooperation in various sectors.

The two sides confirmed their intention to promote further intensification of business contacts, increase trade turnover and stimulate investment activity.

Among the priority areas of cooperation are energy and transport. One of the most striking examples is the Kazakhstan-Turkmenistan-Iran transnational railway, put into operation several years ago and designed to facilitate the optimization of traffic flows throughout Eurasia.

Iran is Turkmenistan's third most important foreign trade partner. The two countries focus on joint activity in the transport and transit sector, road construction, as well as in the power engineering and gas sectors.

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"Our 50,000-ton billet cargo recently was sold at $520 per ton FOB but we had a $540 per ton bid for slab now," Khouzestan Steel Co.'s Sales Deputy Bahman Tajalizadeh told S&P Global Platts.

"We still expect higher prices, I think $550 per ton for late April or May-delivery will be practical within next ten days," Tajalizadeh added.

"Only a few of exporters accept new orders now and most of them prefer to be out of the market maybe until the next Iranian year (beginning from March 21) and after the New Year (Norouz) holidays," a trader said.

"South Kaveh Steel is in the market and has recently opened an exporting tender," he said.

The company announced Thursday it is going to focus on export markets more than before.

"About one million ton of SKS billet will be exported in the next year, about 80 percent of total capacity," South Kaveh Steel's sales deputy told reporters.

A trader in Tehran said that exports are being supported by Iran's currency devaluation in the last few weeks and overseas prices are clearly more than the domestic market at the moment.

According to an Iranian Steel Producers' Association, or ISPA, report published on the group's website Thursday, some 6.55 million tons of steel products were exported in the ten months to January 20, which is up 48 percent from the same period in the previous year.

Some 5.36 million tons of semi-steel products — 2.95 million tons of billet and 2.41 million tons of slab — were exported during the ten month period (up 89 percent year-on-year).

In contrast, exports of finished products fell sharply to 1.18 million tons during the same period — down 25 percent year-on-year, the report added.

Hot rolled coil exports, or HRC, showed the largest decrease at 488,000 tons, down 52 percent year-on-year.

Some 567,000 tons of sponge iron were also exported by Iranian companies, about four times higher compared with the same period last year, the ISPA report said.

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The conference was attended by a number of economic experts, businessmen and officials from the two countries, including President of Iran-China Chamber of Commerce Asadollah Asgaroladi, Deputy of Iran's Vice President for Science and Technology Ali Morteza Birang and Iran's Consul General in Shanghai Alireza Irvash.

Speaking at the forum, Irvash described Tehran-Beijing trade ties as stable and continuous, noting commercial exchanges can create logical and deep relations among global communities.

He added trade is a channel for countries and communities to present their capabilities, arts, innovations and knowledge.

Welcoming Iranian and Chinese trade officials in the forum, Irvash said their presence in the conference indicates the determination of the two countries to develop mutual economic relations.

Irvash added that enhanced trade will lead to strengthened cultural and political cooperation.

China was Iran's biggest trade partner prior to the signing of the historic nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), between Tehran and P5+1 in July 2015. The country has managed to maintain its rank in the post-sanctions era.

Trade between Iran and China in 2017 stood at $33.66 billion, indicating an increase of more than 20 percent compared to the figure for 2016.

Cooperation between the two countries under the initiative 'One Belt, One Road' is being strengthened in transportation, oil and gas, petrochemicals, metallurgy, construction and infrastructure development sectors.

Iran's pavilion was opened in Shanghai Free-Trade Zone on the sidelines of the conference.

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Reza Adibi, an Iranian researcher involved in the project, said on Sunday that the plan, 'Filtration and Hydraulic Circuit Control System Based on Aviation Standards' can meet a major part of the needs of aircraft.

"During our studies, we succeeded in developing aircraft hydraulic systems and indigenize this technology," he added.

Adibi further said that Iranian experts have developed different types of testers to fix and maintain airplane parts.

Iran had earlier announced plans to manufacture three domestically-designed passenger planes by 2026.

A senior aviation official announced in 2015 that Iran is planning to manufacture 70-seated passenger planes in the near future.

"We have designed a home-made passenger plane with 70-seat capacity which will be manufactured in the near future," said Managing Director of Iran's Aircraft Manufacturing Industries Company Mohammadali Sirati.

Also in the same year, Managing Director of the Iranian Aviation Industries Organization Manouchehr Manteqi said that his organization planned to manufacture small passenger planes.

"We will build planes with the capacity of eight passengers in the near future in addition to the present two-, four- and six-seater planes," Manteqi said.

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Indian Premier Narendra Modi in a meeting with President Hassan Rouhani said that India has authorized Bank Pasrargad to open branches in the country.

This is regarded as the first authorization for opening an Iranian private bank in Mumbai.

During a recent visit by President Hassan Rouhani and his entourage to India, they met the country's prime minister and economic officials to examine grounds for expanding Iranian private sector cooperation in the country.

President Rouhani heading a high ranking politico-economic delegation arrived in India on February 15 at the official invitation of the Indian prime minister.

During the three-day visit, the two sides signed 15 memoranda of understanding on expansion of cooperation in various sectors.

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Clearly, these figures indicate the positive impacts of the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and the P5+1 in July 2015, which have led to an improvement in the country's trade balance and the greater prosperity of the domestic economy.

Iran's increased exports and trade transactions with Europe was the country's top economic news last week. Given the importance of the issue, Iranian economic newspapers analyzed the level and condition of Iran’s exports and rising foreign trade.

In the past few decades, Iran's economic relations with the EU have been subject to a great deal of ups and downs. However, what has always constantly refrained from undergoing any change has been the country’s negative trade balance in its transactions with this part of the world, which of course, demonstrated relative improvement in 2017.

According to a report by Eurostat, a news agency affiliated to the European Commission, the growth witnessed in the EU's imports from Iran in 2017, exceeded that of the Eurozone's exports to the Middle Eastern state. This comes as the trade balance between the two sides is still €600 million in favor of the EU.

The report added that Iran's trade with the 28 member states of the EU in 2017 reflected a growing trend standing at €21 billion posting a 53-percent growth year-on-year.

The year 2017 marked the second 12-month period since the implementation of the JCPOA in January 2016. In 2016, trade between Iran and the EU had reached €13.74 billion indicating a 78-percent growth compared to the figure for the preceding year.

The EU's imports from Iran in 2017, however, experienced an 85-percent increase compared to the amount for 2016 to stand at €10.2 billion. In 2016, European states had purchased goods worth €5.5 billion from Iran. The overseas sales of mineral fuels has been the dominant factor in the growth in Iran's goods exports to Europe.

An analysis of trade transactions between Iran and the EU during the past two years also confirms the growing trend in the two sides' economic relations. In 2015, this figure stood at €7.68 billion in 2015 but reached €13.74 billion and ‌€21 billion in 2016 and 2017 respectively.

The EU's imports from Iran in 2016 grew 5.4 percent compared to a year before that to stand at €4.49 billion. In 2015, the EU had imported goods worth €1.23 billion from the Islamic Republic. The removal of Western sanctions on Iran's oil exports which was followed by the EU's resumption of oil purchases from the country was the main reason for the rise in the eurozone's imports from the Islamic Republic in 2016.

The Eurostat report said France was the biggest importer of Iranian products in 2016. Its imports from the Middle Eastern state witnessed a twofold growth compared to the figure for 2015 to reach ‌€1.35 billion. France was followed by Italy and Spain which purchased ‌products valued at €1.49 billion and ‌€870 million, respectively, from Iran in 2016.

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