Exports to the European Union (EU) tumbled 44.8 percent in January from a year earlier, pulling down last month's overseas shipments. Exports of automobiles to the region surged 239.1 percent, but those of ships, telecommunication devices and chips plunged 78.8 percent, 55.5 percent and 43.9 percent respectively.

In contrast, overseas shipments to other regions continued to grow last month. Exports to Japan and the Southeast Asian countries expanded 60.9 percent and 22.3 percent each in January on an on-year basis, with those to the United States and China growing 23.3 percent and 7.3 percent respectively.

Demand for locally-made petroleum products, machinery and automobiles remained strong, but other major export items such as ships and telecommunication devices showed weak performance.

Exports of petroleum products jumped 39.5 percent on-year in January, with those of general machinery and autos growing 6.7 percent and 4.1 percent each. However, exports of ships and mobile communication devices dropped 41.5 percent and 39.7 percent each over the cited period, with those of display panels and semiconductors declining 14.6 percent and 8.5 percent respectively.

The country's plunging ship exports came as the global shipbuilding industry remained weak after the 2008 global financial crisis. Global ship orders contracted to 16 million compensated gross tons (CGTs) in 2009 after posting 93 million CGTs and 54 million CGTs in 2007 and 2008 each. The orders remained tiny at 28 million CGTs last year.

In contrast to a reduction in exports, imports expanded last month due to growing inbound shipments of raw materials amid higher oil prices. Imports of crude oil expanded 17.5 percent in January from a year earlier as oil import price jumped to 112.8 dollars per barrel last month from 91 dollars the previous year. Inbound shipments of coal soared 24.3 percent, but imports of natural gas shrank 18.4 percent over the same period.

The ministry noted that mounting confrontation between Tehran and Washington over the former's nuclear ambitions drove up the international oil prices, saying that it will closely monitor the situation in the Middle East region.

Imports of capital goods increased expanded 15.9 percent on- year in January due to strong demand for semiconductor equipment caused by growing facility investment in the chip sector, but inbound shipments of consumer goods edged down 0.4 percent over the cited period.