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Iran eyes $5bn rise in non-crude exports in H2 fiscal year

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)
Iran’s minister of trade Reza Fatemi Amin

Iran’s minister of trade Reza Fatemi Amin says non-crude exports from the country could surge by $5 billion in the second half of the calendar year to late March.

Fatemi Ami told members of the Iranian parliament on Monday that Iran seeks to increase overseas shipments of metals and petrochemicals in the upcoming months to hit the target.

The minister said Iran would dispatch more trade attaches to embassies abroad to boost exports to other countries.

Figures by Iran’s customs office (IRICA) shows that Iran’s non-crude shipments reached a total of $17.661 billion in the five months to August 22.

Same IRICA figures show that exports boomed in August as shipments rose 54% in value terms compared to the same month last year.

Experts believe Iran will continue to experience surpluses in trade in the months to come as the country will rely on increased shipments of petrochemicals to customers in Asia.

A growth in Chinese demand fueled by the country’s recovery from the coronavirus pandemic can also help Iranian exports rise.

Iran also eyes higher exports of agrifood to neighboring countries in the second half of the current calendar year.

Non-crude exports have become a major source of earning hard currency for Iran as the country has been grappling with US sanctions targeting its crude sales since 2018.

Higher trade volumes have come despite restrictions imposed by the US on banking transactions involving Iranian traders.

Growth in exports has also come despite general restrictions on trade imposed at borders around the world to curb the spread of the pandemic.

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