Iran’s Minister of Economic Affairs and Finance Abdolnaser Hemmati announced a significant reduction in the country’s trade deficit, shrinking from $12.5 billion last year to $2 billion, driven by an 18% surge in non-oil exports.
Citing the latest customs data for the first ten months of the current Iranian calendar year (March 20, 2024 – January, 19, 2025), Hemmati said that non-oil exports had reached $47.8 billion, a sharp increase compared to the same period last year.
Imports have totaled $56 billion, including $6.3 billion in gold, representing a modest 3% increase overall, Hemmati said via social media, while noting that excluding gold, imports have actually declined by 10% year-on-year.
He further highlighted the progress in reducing the non-oil trade deficit. “Over two years, the deficit, excluding gold imports, has decreased from $12.5 billion to $2 billion,” the minister noted.
Hemmati added that with over $30 billion in oil exports during this period, the overall trade surplus has exceeded $28 billion.
The figures reflect a steady recovery in Iran’s trade balance, despite challenges posed by Western sanctions and economic restrictions.