Iran’s foreign trade performance in the first eight months of the current Iranian calendar year (March 21–November 22) reflects both shifting global conditions and evolving domestic industrial dynamics—particularly within the steel industry, which continues to play a critical role in Iran’s export structure.
According to data released by the Islamic Republic of Iran Customs Administration (IRICA), the country’s total foreign trade reached 131.054 million tons valued at $76.537 billion during this period. Although the combined value of exports and imports fell by 9.38 percent year-on-year, the overall trade volume grew by 1.53 percent, signaling notable shifts in market behavior and commodity flows.
Export and Import Performance
Iran exported 105.231 million tons of goods worth $36.997 billion, showing a modest 1.17 percent increase in volume but a 3.48 percent decrease in value compared to the same timeframe last year.
Imports totaled 25.823 million tons, valued at $39.540 billion, marking a 3 percent increase in weight alongside a 14.29 percent decline in value.
Rising Raw Material Exports and Implications for the Steel Industry
A significant portion of export growth appears linked to energy shortages in industrial and mining sectors, which led to reduced domestic production and encouraged a rise in exports of raw materials, especially within the steel value chain.
This includes noticeable increases in iron ore concentrate and pellet shipments.
Data from the Iranian Steel Association shows that iron ore concentrate exports surged by 82 percent compared to the first seven months of last year. While this supports short-term export revenue, many steel producers are concerned that excessive raw material outflows may tighten domestic supply and limit capacity for downstream steel production, where value-added opportunities are higher.
This trend has placed the steel industry at the center of discussions about resource management, export policy, and long-term industrial planning.
Annual Overview of Non-Oil Trade
In the previous Iranian year (ended March 20), Iran exported over 152 million tons of non-oil goods valued at $57.8 billion, representing:
- 10% growth in export volume
- 62% growth in export value
Imports for the same period reached 39.3 million tons valued at $72.4 billion, up 8.22 percent in value, resulting in a non-oil trade deficit of $14.6 billion.
A major driver behind this deficit was the import of over $8.0 billion in raw gold bars, accounting for more than 11 percent of total import value.
Key Export Commodities and Top Destinations
Iran’s main non-oil export items included:
- Natural gas (top item at $314 per ton)
- Liquefied propane and butane
- Methanol
- Liquefied petroleum gases
- Gas condensates
- Petroleum bitumen
- Urea
- Non-alloy iron and steel billets
- Iron or steel bars
- Polyethylene
These data highlight the strategic position of the steel industry not only in raw material exports but also in semi-finished steel products, which remain among Iran’s most significant non-oil export items.
The top export destinations were:
- China – $14.8 billion
- Iraq – $11.9 billion
- UAE – $7.2 billion
- Turkey – $6.8 billion
- Pakistan – $2.4 billion
- Afghanistan – $2.4 billion
- India – $1.9 billion
Together, these seven countries accounted for 82.3 percent of Iran’s non-oil export value.
Import Structure and Main Suppliers
Key imports included essential goods such as corn feed, soybean meal, rice, and sunflower oil, in addition to smartphones, tractors, and auto parts.
Iran’s main import sources were:
- UAE – $21.9 billion
- China – $19.3 billion
- Turkey – $12.4 billion
- Germany – $2.4 billion
- India – $1.7 billion
- Hong Kong – ~$1.4 billion
- Russia – $1.3 billion
These countries supplied 83.8 percent of total imports.
According to IRICA’s deputy head Abolfazl Akbarpour, much of the trade deficit was caused by the steep rise in gold imports alone surpassing $8.0 billion.
