Iran saw its exports of metals and mining products more than double in the five months to August 22 compared to the similar period last year, shows a report.
The Tuesday report by the official IRNA news agency said that metals and mining products exports had reached $5.08 billion in value terms in the first five months of the current calendar year, an increase of 126% against March-August 2020.
Exports from the sector rose by 11% in volume terms to reach nearly 22 million metric tons over the same period, said the report.
Steel products accounted for nearly $3.09 billion or 60% of all exports from the sector, it said, adding that steel shipments had risen by 176% in value terms compared to March-August last year.
Copper came second with over $621 million worth of exports and an 82% surge in value of shipments reported year on year.
Iran has increasingly relied on metals exports in recent years to compensate for losses suffered in crude oil sales because of American sanctions.
The government has introduced massive expansion schemes in the metals sector to encourage exports and to create more jobs for the country’s youth.
Iran’s metals exports have also diversified in recent years to include increased shipments of copper, aluminum and zinc.
The IRNA report said that aluminum exports in March-August had reached over $244 million, up 287% against similar period last year while zinc products shipments had also risen to reach $183.3 million over the same period.
However, imports of metals and mining products into Iran had declined by 7% to 1.42 million tons worth $1.291 billion over the same five-month period, said the report, adding that steel products had accounted for 36% of all shipments imported into the country in March-August.