News   /   Economy

Iran lifts ban on tire exports to ease oversupply

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian market regulation authority allows exports of tire to ease domestic oversupply.

Iranian tire manufacturers have been allowed to start exports of their products for a first time in years as market authorities seek to ease a domestic oversupply.

The Iranian syndicate of tire manufacturers said on Monday that exports will be allowed based on a recent decision by the country’s Market Regulation Headquarters.

The announcement said that tire manufacturers will be allowed to export up to 30% of their output in products related to agricultural, road and industrial machinery.

It said 10% of the manufacturer's car tire output can also be made available for exports.

The announcement comes amid a reported oversupply of tires in the Iranian market.

Manufacturers are planning to further ramp up their production after government authorities opened a major plant for production of carbon black, a key ingredient used in the tire production industry.

The new plant in the southwestern Khuzestan province will add some 20,000 metric tons per year to Iran’s carbon black output capacity.

Government figures published last month showed that total tire output in Iran had increased by 3% year on year in the quarter to late June to 63,848 tons or 5.896 million units.

Tire manufacturers had asked the government to lift its ban on exports to respond to a rise of 26% in output expected for the calendar year to March.


Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir

www.presstv.co.uk

www.presstv.tv

SHARE THIS ARTICLE
Press TV News Roku