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Iran reports 24% y/y rise in exports in month to late July

Iran’s non-oil exports rose 24% year on year in July to reach $4.171 billion.

Iranian customs office (IRICA) figures show non-oil exports from the country rose by nearly a fourth in the month to July 22.

IRICA figures published on Saturday showed that Iran’s exports in the fourth calendar month of the Iranian year 1400 reached a total of $4.171 billion, up 24% against same month last year.

That comes as overseas shipments rose by just 2% in volume terms compared with the month to July 2021, showed the figures.

The figures showed that China was responsible for $1.403 billion worth of purchases from Iran over the month to late July as the East Asian country remained the largest customer of Iranian non-oil exports.

Iran’s exports to the United Arab Emirates (UAE) reached $619 million in July while shipments to Iraq amounted to $574 million, said the IRICA, adding that Turkey and India were collectively responsible for $466 million worth of purchases over the same period.

The figures showed that Iran had a trade deficit of $605 million in the month to late July as imports into the country reached $4.776 billion over the period, up 15% compared with the same month last year.

The UAE, the Persian Gulf’s main re-exporting hub, was the largest supplier of goods to Iran in July with some $1.449 billion worth of shipments, followed by China at $1.291 billion and Turkey at $514 million, showed the figures.

The Iranian custom office said that July exports into Iran by India and Russia had amounted to $347 million and $205 million, respectively.

Iran has reported consecutive quarters of growth in foreign trade in recent years despite the fact that the country has been under a harsh regime of American sanctions that blocks its access to normal banking and shipping services.

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