Iran’s non-oil exports near $11bn in five months

Iran’s Ministry of Trade (MIMT) has updated its monthly report on the country’s exports of goods excluding crude oil as figures show shipments to other countries reached nearly $11 billion in value terms in five months ending late July.

6 September 2020
ID : 22552
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Iran’s Ministry of Trade (MIMT) has updated its monthly report on the country’s exports of goods excluding crude oil as figures show shipments to other countries reached nearly $11 billion in value terms in five months ending late July.

The report published on Saturday showed that total exports from Iran between March 20 and August 21 had exceeded $10.9 billion while imports into Iran had topped $13.7 billion over the same period.

MIMT figures showed that gross weight of export shipments over the period were nearly three times the weight of imported goods as Iran shipped 38 million metric tons of cargoes to other countries against 13.8 tons imported.

Corn, which Iran is increasingly using as animal feed, was a major import item, showed the report, as the country took delivery of nearly 4.3 million tons of shipments, a 14-percent surge year on year in late August.

The figures also showed that trade with other countries rebounded in July-August as neighbors and countries around the world began to ease restrictions meant to curb the spread of the coronavirus pandemic.

Iran shipped $2.16 worth of goods in the fifth month of the calendar year while imports reached $2.875 billion. China remained the largest trade partner as it topped the list of Iran’s main export destinations while it was also the biggest supplier of goods to the country, according to the MIMT.

Iran’s non-oil trade has remained largely stable despite sanctions imposed by the United States since 2018. The bans have sought to deter governments and entities from engaging in trade with Tehran.

However, direct sanctions on trade of crude have caused a boom in Iran’s non-oil exports as the country keeps finding more markets for its high-quality products.

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