Iran’s Non-Oil Exports Hit over $31bln in 8 Months, Official Says

TEHRAN (Tasnim) – An Iranian trade official said the value of the country’s non-oil exports in the first eight months of the current Iranian year (began March 21) has exceeded $31 billion.

Iran’s Non-Oil Exports Hit over $31bln in 8 Months, Official Says

Speaking to the Islamic Republic of Iran Broadcasting (IRIB), the head of the Trade Promotion Organization of Iran, Mohammad Reza Modoudi, said the total value of non-oil exports during the eight months has surpassed $31.5 bln, showing a 13 percent increase compared to the same period last year.

“During this period, we imported $29bln worth of goods,” he said, adding that, therefore, the balance of trade- the difference between the monetary value of exports and imports - amounts to $1bln.

The trade official further said that the highest volumes of Iran’s exports were in the fields of petrochemicals, gas condensates and other industrial, consumer and agricultural commodities. 

Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues.

The rise in the country’s exports comes despite the US sanctions.  

US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and re-imposed sanctions on the Islamic Republic.

Following the US exit from the nuclear deal, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.

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