Iranian exports to India rises 91% in 2 months

The value of Iranian exports to India rose 91% in the first two months of 2023, as compared to the same period of 2022, according to the data released by the Indian Ministry of Commerce and Industry.

The Indian ministry put the worth of Iran’s exports to India at US$134 million in January and February 2023, while the figure was US$70 million in the same time period of 2022, IRIB reported.

The value of trade between the two countries dropped 13% to US$358 million in the first two months of year 2023, from US$412 million in the first two months of the past year.

According to the data released previously by the Indian Ministry of Commerce and Industry, the value of Iranian export to India increased by 60% in 2022 as compared to the year 2021.

The Indian ministry put the worth of Iran’s exports to India at US$653 million in 2022, while the figure was US$409 million in 2021.

As reported, petroleum products have been the major goods imported by India from Iran during this period.

According to the data, the value of trade between Iran and India reached US$2.5 billion in 2022, rising 48 percent from US$1.693 billion in 2021.

During January-December 2022, India’s export to Iran also increased by 44% to US$1.847 billion, while the figure was US$1.284 billion in 2021.

Rice was India’s major export to Iran, during which the country shipped US$1.098 billion worth of rice to the Islamic Republic.

In late May 2022, the Iranian ambassador to India said that Iran and India are trying to diversify the channels of payments to expand bilateral trade.

In an exclusive interview with Financial Express Online, Ali Chegeni said, “We are trying to diversify the channels of payments and accordingly wish to extend and expand an already existing mechanism in order to cover all of the goods and services including all of the non-oil goods and to achieve this”.

During the past two years, because of Covid restrictions, we pursue the issue via virtual dialogues and currently, our officials are following the matter through the exchange of delegations, the envoy stated at the time.

“We want to develop our economic and trade relations beyond energy and petrochemical products. because, due to the complementarily of Iran and India's economies, an extensive range of non-oil trade exists between the two sides including trade on goods and services, investment, tourism, education, and … which may pave the way for multiplying our economic relations ten times more than current relations in mid and long terms”, Chegeni said.

 

Pakistan: Agriculture Strongest Forte

Agriculture is the strongest forte of Pakistan’s economy. Over the years, the sector has played a key role in achieving food security, boosting exports and ushering foreign direct investment in the country. It provides raw material to two of the large scale manufacturing industries i.e. textiles and clothing and sugar.

The sector contributes around 20% to country’s GDP, accounts for more than 60% of total export-proceeds earned by the country and provides employment to nearly 45% of the total labour force. Pakistan ranks eighth worldwide in farm output - it is among the leading producers of Wheat (7th), Rice (11th), Cotton (4th), Sugarcane (5th) and Mango (4th).

The most important crops are wheat, sugarcane, cotton, and rice, which together account for more than 75% of the value of total crop output. Lately Pakistan joined the Club of wheat exporting countries by achieving over 25 million tons of the staple food grain per annum.

Over the years the government introduced agriculture assistance policies, including increased support prices for many agricultural commodities and expanded availability of agricultural credit.

Much of the Pakistan's agriculture output is utilized by the country's growing processed-food industry. The value of processed retail food sales has grown considerably over the years.

Lately Pakistan joined the Club of wheat exporting countries by achieving over 25 million tons of the staple food grain per annum. During the outgoing financial year Wheat output was a little below 25 million tons. Rice production was around 7.5 million tons. Maize crop size was reported around 7.3 million tons. Cotton and Sugarcane production remain below the target.

Wheat is staple food grain and many bakery products are made from it. This year due to some issues faced during wheat procurement, the quantity bought by the government remained below target. However, private sector purchased substantial quantity. It is necessary to point out that due to the shortage of modern gain storage silos; nearly 15% of the wheat produced goes stale before reaching the market.

Rice is the second main staple food crop and also another major exportable commodity. Pakistan produces different verities of rice, but Basmati enjoys a unique preference because of grain size and its aroma. Traditionally, Pakistan has been exporting rice in bulk which used to fetch lower price. Lately, many brand of rice have attained global recognition, but India continues to give tough competition in the global markets.

Red Chilli is a major crop of Pakistan as also exported in large quantity. Chilies are one of the largest traded spices in the International market. In Sindh, Chilies are mainly grown in Kunri, a small town of Umer Kot district. The area contributes around 85% of Pakistan’s red chili production and it is also known as one of the largest production centers for red chilies and also known as the red chilli capital of Asia. Export of red chilli can help in earning substantial foreign exchange.

Maize is also an important crop that can be cultivated on average quality soil. It is said that each and every part of the plant is consumed by human beings and animals. Two of the most consumed forms are oil and flour. It is also an important source of non-animal protein for chicken feed. At an average the country produces about 7 million tons of maize.

Soybean is an important source of edible oil. Seed is processed to extract oil for human consumption and its meal is a rich source of protein, primarily used as feed for poultry, dairy, beef and fish industry. Currently, soybean cultivation in Pakistan is highly negligible. Owing to its nutritional value and multiple uses, it is also called the “Golden bean”. Interestingly, all the soil and climatic conditions of all the four provinces are suitable for soybean. As the soybean can help cut edible oil imports to a significant extent, the Ministry of National Food Security and Research needs to launch a massive awareness drive at federal level in close coordination with provincial agricultural departments.

The contribution of agriculture in economy of the country can be further enhances by exercising better crop management, containing post-harvest losses by constructing modern storage and logistic facilities and achieving greater value addition. Developing a robust rural economy will also contain influx of people in search of job to cities, from rural areas.

Pakistan is among the top five largest cotton producing countries of the world. Pakistan is also known as ‘Cotton Country’. Cotton is the basic raw material for country’s largest industry, Textiles and Clothing, which contributes more than 60% to Pakistan’s total export proceeds. Bulk of the Textile and Clothing exports now comprises of value added products. Major buyers of made in Pakistan Textiles and Clothing are United States, European Union, China and some oil-rich Middle Eastern countries. Cotton seed-oil contributes a significant quantity of total edible oil produced in the country and oil-cake being used to feed mammals.

Sugarcane is the second largest cash crop of Pakistan. It is being cultivated in Punjab, Sindh and KPK. There are about 85 sugar mills operating in the country, producing over 4.2 million tons sugar annually, sufficient to meet the local demand. Two by-products of sugarcane are molasses and baggase. Bulk of the molasses is exported but lately many mills have also started producing and exporting alcohol, which is used in the production of biofuel. Baggase is commonly used in the production of chip board, an efficient alternative for wood. It is also used as fuel in brick kilns.             

 

 

 

Iranian annual export to India rises 60%

The value of Iranian export to India increased 60% in 2022 as compared to the preceding year, according to the data released by the Indian Ministry of Commerce and Industry.

The Indian ministry put the worth of Iran’s exports to India at US$653 million in 2022, while the figure was US$409 million in 2021, IRNA reported.

As reported, petroleum products have been the major goods imported by India from Iran.

According to the mentioned data, the value of trade between Iran and India reached US$2.5 billion in 2022, up 48% from US$1.693 billion in 2021.

During January-December 2022, Indian export to Iran also increased 44% to stand at US$1.847 billion, while the figure was US$1.284 billion in 2021.

Rice was India’s major product exported to Iran during this period, the country shipped US$1.098 billion worth of rice to the Islamic Republic.

In late May 2022, the Iranian ambassador to India said that Iran and India were trying to diversify the channels of payments to expand bilateral trade.

In an exclusive interview with Financial Express Online, Ali Chegeni said, “We are trying to diversify the channels of payments and accordingly wish to extend and expand an already existing mechanism in order to cover all of the goods and services including all of the non-oil goods and to achieve this”.

During the past two years, because of Covid restrictions, we pursue the issue via virtual dialogues and currently, our officials are following the matter through the exchange of delegations, the envoy stated at the time.

“We want to develop our economic and trade relations beyond energy and petrochemical products. because, due to the complementarity of Iran and India's economies, an extensive range of non-oil trade exists between the two sides including trade on goods and services, investment, tourism, education, and … which may pave the way for multiplying our economic relations ten times more than current relations in mid and long terms”, Chegeni said.

Iran export from Sistan Baluchestan up 32%

The value of non-oil export from Sistan-Baluchestan province, in the southeast of Iran, rose 32% in the first nine months of the current Iranian calendar year (March-December, 2022), as compared to the same period last year, according to a provincial official.

Mojtaba Shojaei, the Director General of the province’s governorate’s office of economic affairs coordination, said 1.165 million tons of products worth US$165 million were exported from Sistan-Baluchestan in the mentioned nine-month period, indicating also 78% growth in terms of weight YoY.

He named cement, clinker, travertine stone, coal coke, coal, dates, gas, vegetables, agricultural poison and agricultural products as the main exported items, and Pakistan, Afghanistan, India, Iraq, Kuwait, the United Arab Emirates (UAE), Turkmenistan, Uzbekistan and Indonesia as the major export destinations.

The official further announced that 1,157 tons of commodities valued at US$1.184 million were imported to the province in the first nine months of the present year, with 17% rise in value, while 26% drop in weight, year on year.

He named wheat, rice, cattle corn, cattle oats, mango, banana, sesame, potato, live livestock, fabric, tea, car spare parts, light and heavy car tires, cooling devices, spices, and fish as the main imported items, and Russia, Pakistan, France, Germany, India, Brazil, United Arab Emirates, China, Thailand and Afghanistan as the major sources of imports during the first nine months of the current year.

Based on the data released by the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s non-oil export rose 19 percent from the beginning of the current Iranian calendar year (March 21, 2022) up to December 31, as compared to the same period of time in the past year.

According to the IRICA data, Iran exported 97.843 million tons of goods valued at US$43.088 billion in the mentioned period, also registering 2% increase in weight

Liquefied natural gas, liquefied propane, methanol, liquefied butane, and film-grade polyethylene were the main exported products in the said time span.

Major export destinations of the Iranian non-oil goods were China, Iraq, Turkey, the United Arab Emirates, and India.

The Islamic Republic has also imported 28.18 million tons of non-oil commodities worth $44.337 billion in the first 286 days of the present year, with a 14.7% growth in value and a 10% increase in weight, year on year.

The major items of goods imported into the country in the said period include corn, rice, wheat, soybeans, sunflower seed oil, and cell phones, based on the IRICA data.

The United Arab Emirates was the top exporter to Iran in the mentioned period, followed by China, Turkey, India, and Germany.

Reportedly, the value of Iran’s non-oil trade rose 17% during the mentioned period, as compared to the same time period last year.

Iran traded more than 126 million tons of non-oil products worth over US$88 billion with other countries in the mentioned period.

 

Iranian export to India increases 35%YoY

The value of Iranian export to India increased by 35% in the first seven months of 2022, as compared to the same period in 2021, Tasnim news agency reported citing the data released by the Indian Ministry of Commerce and Industry.

Iran exported commodities worth US$361 million to India in the seven-month period of this year, while the figure was US$267 million in the same time span of the past year.

Fruits were the major products Iran exported to India, accounting for 26% of the total exported items. Iran exported US$96 million of fruits to India in the mentioned time span.

During January-July of 2022, Indian export to Iran increased by 54% to US$1.243 billion, while the figure was $807 million in the first seven month of 2021.

Rice was India’s major product exported to Iran in the said time, as the product accounted for 66% of the country’s total export to the Islamic Republic.

India exported US$825 million of rice to Iran in the first seven months of this year, while the figure was US$641 million in the first seven months of 2021.

According to the Indian Ministry of Commerce and Industry, the value of trade between Iran and India was reported at US$1.604 billion during January-July 2022, rising 49% from US$1.074 billion in the same period of time in 2021.

In late May, Iranian ambassador to India said that Iran and India are trying to diversify the channels of payments to expand the bilateral trade.

In an exclusive interview with Financial Express Online, Ali Chegeni said, “We are trying to diversify the channels of payments and accordingly wish to extend and expand an already existing mechanism in order to cover all of the goods and services including all of non-oil goods and to achieve this”.

During the past two years, because of Covid restrictions, we pursue the issue via virtual dialogues and currently our officials are following the matter through the exchange of delegations, the envoy stated.

“We want to develop our economic and trade relations beyond energy and petrochemical products. Since due to the complementarily of Iran and India economies, an extensive range of non-oil trade exists between two sides including trade on goods and services, investment, tourism, education, which may pave the way for multiplying our economic relations ten times more than current relations in mid and long terms”, Chegeni said.