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Iran reports major surge in exports to Africa, Oman

Iranian exports to Africa more than doubled in year to March while shipments to Oman rose 63%.

Iran has reported a major surge in non-oil exports to Africa and to Oman as the country continues to benefit from a boom in trade revenues that has offset the impact of American sanctions on oil exports.

A senior trade ministry official said on Thursday that Iranian exports to Africa had increased by 107% to reach $1.195 billion over the year to late March.

Farzad Piltan, from Iran’s Trade Promotion Organization, said that shipments of raw iron, steel, fertilizers and liquefied gas had accounted for a bulk of Iranian exports to Africa over the past calendar year.

The surge in Iranian trade with Africa comes as normal trade with countries in the continent faced restriction last year because of closures related to the coronavirus pandemic, said Piltan.

He added that Ghana, South Africa and Nigeria were the largest importers of Iranian goods in Africa over the year to late March.

Meanwhile, Head of the Iran-Oman Joint Economic Committee Mohsen Zarrabi told Omani newspaper Muscat Daily on Wednesday that Iranian exports to Oman had increased by 63% over the year to late March to reach $716 million.

Zarrabi said the increase was significant given the impact of US sanctions on Iran and restrictions imposed on trade because of the pandemic.

Iran has seen a major boom in its non-oil exports since 2019 when the country started to feel the impacts of American sanctions on normal sales of crude.

The sanctions caused the government to introduce measures to diversify the economy away from oil, including incentives for exporters that has led to higher sales of Iranian products in international markets.

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