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Iran’s non-oil exports up 42% in March-November: IRICA

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)
IRICA figures show Iran’s non-oil exports rose 42% in March-November to $31.1 billion.

Figures by Iran’s customs office (IRICA) shows that non-oil exports from the country rose by 42% in value terms in March-November to a total of $31.1 billion.

IRICA chief Mehdi Mir Ashrafi said on Saturday that petrochemicals had accounted for 43% of the value and nearly a half of the volume of Iran’s exports in the eight months to November 21.

Largest exports destination over the period included China with $9.1 billion worth of purchases, followed by Iraq at $6.1 billion and Turkey at $3.8 billion, said Mir Asharfi, adding that exports to the United Arab Emirates (UAE) and Afghanistan had amounted to $2.9 billion and $1.27 billion, respectively.

However, Iran had a trade deficit of $900 million in March-November as imports into the country topped $32 billion, an increase of 38% compared to the similar period last year, according to the IRICA figures.

Basic goods had accounted for 38% of the value of all imports into Iran in the eight months to late November, said Mir Asharfi, adding that the government had provided some $9.9 billion of funds to subsidize those shipments at an official exchange rate which is eight times lower than the current market price.

The UAE, the main re-exporting hub in the Persian Gulf, remained the largest supplier of goods to Iran in March-November with $10.1 billion worth of exports to the country, followed by China at $7.2 billion and Turkey at $3.2 billion, said IRICA chief.

Germany and Switzerland were the fourth and fifth largest exporters to Iran over the same period with $1.2 billion and $1.1 billion worth of shipments, he said.

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