Iran increasing share of Southeast Asian markets
Iran’s official trade figures indicate that its non-oil exports are increasing to Southeast Asian countries. 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, reported Trend News Agency.
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.