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

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)
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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