Terms of Trade (TOT) can be interpreted as the amount of import goods that an economy can purchase per unit of export goods. The raw materials form a part of Iran's export goods and the gross capital formation of Iran is partially provided by the import capital goods, as well. This article has examined TOT between Iranian export of raw materials and import of capital goods during 1388-92. The results show TOT is deeply worsen for Iran in years 1391 and 1392.