Iran reports 8% yy increase in non-oil exports in 4 months to late July

According to The Iran Project, head of Iran’s customs administration (IRICA) Mohammad Rezvanifar said on Tuesday that imports into Iran had reached a total of $18.5 billion in the four months to late July, down 6% from the same period in 2023.

Trade deficit dropped 40% year on year in the April-July period to reach $1 billion, said Rezvanifar.

Iran has been reporting a steady rise in its non-oil exports this year amid continued efforts to diversify the economy away from crude oil revenues.

However, petrochemicals still account for a bulk of revenues generated from Iran’s non-oil exports.

IRICA’s quarterly figures released last month showed that Iran had earned $6.2 billion from exports of 15.6 million metric tons of petchem products in the three months to late June.

China and Iraq were responsible for nearly a half of purchases of Iranian non-oil exports in the June quarter, according to the figures.

Basic goods continue to account for a large part of imports into Iran as the country relies on animal feed and grains shipments from abroad to respond to its growing food demand.

Iran’s booming exports come despite continued restrictions on its access to trade routes and banking services because of US sanctions.

That comes as the government has introduced major incentives for export-oriented activities in the Iranian agriculture and manufacturing sectors.

Iran’s agriculture minister said earlier this week that exports from the sector had reached more than $1 billion in the calendar year to late March.

Reporter : Editorial of The Iran Project

Iran reports 8% y/y increase in non-oil exports in 4 months to late July