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Iran’s engineering services exports rose 4.5 fold in year to March

Annual trade figures show Iran exported $2.3 billion worth of engineering services in the year to March.

Iran recorded a major growth in exports of engineering and technical services over the year to late March as officials vow more financial support will be provided to engineering firms to help them expand their presence in markets around the world.

Iranian deputy trade minister Alireza Peymanpak said on Monday that engineering services exports from Iran reached a total of $2.3 billion last calendar year, an increase of 4.5 fold compared to the year to March 2021.

Peymanpak said that the figure is expected to increase to $5.6 billion in the current fiscal year, adding that the trade ministry has set up a special department to help better market the services of Iranian engineering firms in other countries.

He said Iran eyes to meet a target of $20 billion in exports of engineering and technical services within the next four years, adding that Iran’s sovereign wealth fund will earmark special financial resources to help meet the target.

Iran has relied more on non-oil exports revenues in recent years to offset the impacts of American sanctions on its crude sales.

Figures by the Iranian customs office show that non-oil exports reached a total of more than $48 billion last calendar year, an increase of 40% year on year.

Peymanpak, who also serves as the head of Iran’s Trade Promotion Organization, said that exports of petrochemicals and food had accounted for a bulk of the growth reported in non-oil exports over the past calendar year.

The official said that exports to some countries had increased significantly, including to Turkey where shipments from Iran had risen by 140% in value terms compared to the year to March 2021.


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