Iran has reported a major surge in tractor production and exports in the six months to late September amid a boom in manufacturing activity in the country.
A spokesman of Iran’s ministry of industries (MIMT) said on Thursday that tractor production in the country had reached a total of 14,625 units in the six calendar months to September 22, up 50% compared with the same period last year.
Omid Ghalibaf said tractor exports from Iran had also increased by 89% year on year in March-September to a total of 943 units.
Ghalibaf said Iran aims to reach a target of 4,600 units in tractor exports until the end of the calendar year to late March.
He said the MIMT had set an tractor production target of 35,000 for the same period, adding that increased output could lead to a significant drop in the price of tractors in the domestic market.
The figures come amid a major boom reported in the Iranian manufacturing sector in recent years which experts believe is a direct result of the country’s efforts to offset the impacts of American sanctions by diversifying the economy and cutting back on imports of finished goods and products.
MIMT figures published in late September showed that Iran’s manufacturing sector had expanded by 5.1% in the five calendar months to August 22 compared with the same period last year.
The figures showed that the manufacturing index in the local Iranian stock market had also risen by 6.7% over the March-August period against the same period in 2021.