Iran Import Market Analysis: The Trade Information of 2024

Iran, in Western Asia, bordered by Armenia, Afghanistan, and Turkey in the North-East and West direction, has been gradually emerging as a substantial contributor to the worldwide import market. The overall economic growth was shaped by the economic sanctions and the currency management policies, along with the prioritization of essential goods. The continuity maintained to support the domestic production and consumption needs has been promoting the overall global trade attraction. The recovery in consumer spending, along with the expansion of the automotive assembly and parts industries, is contributing to the market growth.

The development of the energy and petrochemical sectors, along with the rising urbanization and housing projects, is also considered essential. Iran, with its support for the import of machinery and spare parts, and trade facilitation with regional partners, has recorded an import trade value of 120 billion US dollars in 2024. The imports account for 26.92% of the overall GDP. The demand for automotive spare parts and the import of high-tech equipment has been shaping the trade landscape. Subscribe to Import Globals, the leading Iran Export Data, to stay updated with the latest information regarding the import market of the nation, by the Iran Trade Data.

GOVERNMENT INITIATIVES SUPPORTING THE IMPORT MARKET OF IRAN IN 2024

The Priority Import Allocation Policy for Essential Goods has ensured stable import flows for necessity-based goods. The currency management and differential effects rates have lowered the import cost for basic commodities, while reducing the sustainability in the import demand in regulated sectors. 

The regional trade and partner agreements have facilitated the imports of machinery, metals, chemicals, and food products. The support for industrial and manufacturing imports has specifically targeted the imports of intermediate goods and spare parts for sectors like automotive assembly and construction.

THE LEADING VARIANTS OF GOODS IMPORTED IN IRAN IN 2024

The growth in healthcare services and the priority import allocation for essentials has resulted in diversity in the global trade output. According to the Iran Import Data, the topmost variants of goods imported in the nation in 2024 are,

  • Cereals - The annual valuation of Cereals imported in Iran in 2024 - 35 billion US dollars 
  • Textiles- The annual valuation of Textiles imported in Iran in 2024 - 26 billion US dollars 
  • Machinery, nuclear reactors, boilers- The annual valuation of Machinery, nuclear reactors, and boilers imported in Iran in 2024 - 18 billion US dollars 
  • Electrical and electronic equipment- The annual valuation of Electrical and electronic equipment imported in Iran in 2024 - 15 billion US dollars 
  • Vehicles- The annual valuation of Vehicles imported in Iran in 2024 - 13 billion US dollars 
  • Animal and vegetable fats and oils- The annual valuation of Animal and vegetable fats and oils imported in Iran in 2024 - 12 billion US dollars 
  • Organic chemicals- The annual valuation of Organic chemicals imported in Iran in 2024 - 10 billion US dollars 
  • Oil seeds- The annual valuation of Oil seeds imported in Iran in 2024 - 8.7 billion US dollars 
  • Pharmaceutical products- The annual valuation of Pharmaceutical products imported in Iran in 2024 - 6.4 billion US dollars 
  • Plastics and plastic articles- The annual valuation of Plastics and plastic articles imported in Iran in 2024 - 4.21 billion US dollars 

TOP IMPORT TRADE PARTNERS OF IRAN IN 2024

The barter trade agreements, the local currency settlement, along with the stronger intra-regional supply chains, have been facilitating the import market of the nation. As per the Iran Customs Data, the topmost variants of trade partners that have been shaping the import economy of the nation in 2024 are,

  • China - The total valuation of goods imported in Iran from China in 2024 - 38 billion US dollars 

Top 5 variants of goods imported 

  • Mining equipment
  • Electrical machinery
  • Telecommunication equipment
  • Computers and laptops
  • Data processing machines
  • United Arab Emirates- The total valuation of goods imported in Iran from the United Arab Emirates in 2024 - 29 billion US dollars 

Top 5 variants of goods imported

  • Mechanical appliances
  • Boilers and generators
  • Industrial robots
  • Machine tools
  • Pumps and compressors
  • India- The total valuation of goods imported in Iran from India in 2024 - 22 billion US dollars 

Top 5 variants of goods imported

  • Aluminium and aluminium products
  • Copper and copper products
  • Lead and lead products
  • Zinc and zinc products
  • Nickel and nickel products
  • Turkey- The total valuation of goods imported in Iran from Turkey in 2024 - 18 billion US dollars 

Top 5 variants of goods imported

  • Synthetic rubber
  • Iron and steel
  • Articles of iron or steel
  • Flat-rolled steel products
  • Aluminium and aluminium products
  • Iraq- The total valuation of goods imported in Iran from Iraq in 2024 - 15 billion US dollars 

Top 5 variants of goods imported

  • Coal
  • Petroleum gas
  • Organic chemicals
  • Inorganic chemicals
  • Fertilizers
  • Russia- The total valuation of goods imported in Iran from Russia in 2024 - 14 billion US dollars 

Top 5 variants of goods imported

  • Crude petroleum
  • Refined petroleum products
  • Liquefied natural gas (LNG)
  • Coal
  • Petroleum gas
  • Oman- The total valuation of goods imported in Iran from Oman in 2024 - 12 billion US dollars 

Top 5 variants of goods imported

  • Dairy products
  • Animal feed
  • Oil seeds
  • Oleaginous fruits
  • Spices
  • Afghanistan- The total valuation of goods imported in Iran from Afghanistan in 2024 - 10 billion US dollars 

Top 5 variants of goods imported

  • Vegetables
  • Meat and meat products
  • Poultry
  • Fish and seafood
  • Dairy products
  • Pakistan- The total valuation of goods imported in Iran from Pakistan in 2024 - 8 billion US dollars 

Top 5 variants of goods imported

  • Sugar
  • Edible oils
  • Tea
  • Coffee
  • Cocoa
  • Germany- The total valuation of goods imported in Iran from Germany in 2024 - 6 billion US dollars 

Top 5 variants of goods imported

  • Wheat
  • Rice
  • Barley
  • Maize (corn)
  • Sorghum

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