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Iran’s non-oil exports up 19%

Monday, 13 April 2015 6:04 PM [ Last Update: Monday, 13 April 2015 6:04 PM ]

Iran says its non-oil exports rose by 19% during the last Persian calendar year.

Iran’s non-oil exports rose by 19% during the last Iranian calendar year (ended March 20) as the Islamic Republic steps up efforts to reduce dependency on its oil revenues.

Iran’s deputy minister of Industries, Mines and Trade said exports of commodities and natural-gas condensate reached $50 billion, showing a 19% year-on-year increase.

Valiyollah Afkhami also pointed to the boom in Iran’s service exports in diverse sectors including tourism, engineering, and transit and said the country is capable of increasing the export of such services.

He said despite a $2.5 billion trade deficit, Iran's trade balance grew by 65% during the last Persian calendar year, compared to a year earlier.

Afkhami described boosting non-oil exports as a high priority for the Iranian government in the new year and said the government has already increased import tariffs in a bid to prop up domestic production.

Back in February, Iran’s government spokesman announced that the country will counter foreign economic pressures via relying on domestic capacities.

Mohammad Baqer Nobakht pointed to the "unprecedented" plunges in oil prices in recent months and said dependency on oil revenues was cut by 8% in the budget proposed by the government.

The head of Iran’s Management and Planning Organization also reiterated that the budget has been planned in line with principles of economy of resistance.

Last year, the Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei outlined general policies of the resistance economy and called on the three branches of the Iranian government to implement the general policies of the resistance economy.

Economy of resistance is aimed at promoting knowledge-based economy and domestic production, especially in strategic products and services, slashing dependence on imports and oil revenues.

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